*** The comparative balance sheet of Posner Company, for 2011 and the preceding year ended December 31, 2010, appears below in condensed form: Year Year Cash 2011 2010 S 53,000 $ 50,000 Accounts receivable (net) 37,000 Inventories 48,000 Investments 108,500 100,000 70,000 Equipment 573,200 450,000 Accumulated depreciation-equipment (142,000 (176,000 5629,700 $542.000 Accounts payable S 62,500 $ 43,800 Bonds payable, due 2011 100,000 Common stock, S10 par 325,000 285,000 Paid-in capital in excess of par-- common stock 80,000 55,000 Retained earnings 162.200 58.200 S629,700 $542.000 The income statement for the current year is as follows: Sales S625.700 Cost of merchandise sold 340.000 Gross profit $285,700 Operating expenses: Depreciation expense $26,000 Other operating expenses 68,000 94.000 Income from operations $191,700 Other income: Gain on sale of investment $ 4,000 Other expense: Interest expense 6.000 (2.000) Income before income tax $189,700 Income tax 60,700 Net income $129.000 Additional data for the current year are as follows: (a) Fully depreciated equipment costing $60,000 was scrapped, no salvage, and equipment was purchased for $183,200. (b) Bonds payable for $100,000 were retired by payment at their face amount (c) 5,000 shares of common stock were issued at $13 for cash. Cash dividends declared and paid, $25,000 Prepare a statement of cash flows, using the indirect method of reporting cash flows from operating activities