The Nettle Clothing Company prepared the following comparative balance sheet for 2021 and

2020 and income statement for 2021:

Nettle Clothing Company

Comparative Balance Sheet (in 000s)

December 31, 2021 and December 31, 2020

Dec. 31, 2021 Dec. 31, 2020

Cash $125,000.00 $80,000.00

Accounts Receivable $30,000.00 $40,000.00

Inventory $70,000.00 $80,000.00

Patent $70,000.00 $75,000.00

Property, Plant and Equipment $650,000.00 $700,000.00

Accumulated Depreciation -$469,000.00 -$424,000.00

Total Assets $476,000.00 $551,000.00

Accounts Payable $27,000.00 $22,000.00

Wages Payable $18,000.00 $12,000.00

Income Tax Payable $12,000.00 $23,000.00

Notes Payable $27,000.00 $17,000.00

Common Stock, $10 par $102,000.00 $100,000.00

Paid-in Capital--Excess of Par $224,000.00 $210,000.00

Retained Earnings $66,000.00 $167,000.00

Total Liabilities and Owners' Equity $476,000.00 $551,000.00

Nettle Clothing Company

Income Statement (in 000s)

For the Year Ended December 31, 2021

Income Statement (in 000s)

Sales Revenue $690,000.00

Cost of Goods Sold -$633,000.00

Patent Amortization -$5,000.00

Depreciation Expense -$55,000.00

Wage Expense -$40,000.00

Loss on Sale of Equipment -$15,000.00

Gain on Sale of Land $4,000.00

Income Tax Expense -$35,000.00

Net Income -$89,000.00

During 2021, Nettle Clothing had the following other transactions:

1. Sold land of $79,000 to another company.

2. Issued 200,000 shares of common stock for $80 per share. Total proceeds of $16,000.

3. Sold equipment of $36,000 with accumulated depreciation of $10,000.

4. Issued debt of $10,000.

5. Bought new equipment for $65,000.

6. Declared and paid a cash dividend during the year of $12,000.

REQUIRED:

Prepare Nettle Clothings statement of cash flows using the indirect method.