Use the Courtland Corp. financial statements and supplementary information given below to prepare a statement of cash flows for the year ended December 31, 2019, using the indirect method. Additional Information:

1. Purchased equipment for $44,000 cash.
2. Sold the long-term investment on January 1, 2019 for $51,000.
3. Sold equipment for $14,000 cash that had originally cost $53,500 and had $39,500 of accumulated depreciation.
4. Issued $44,000 of bonds payable at face value.

Courtland Corp. Comparative Balance Sheet Information December 31 Assets Cash Accounts receivable Merchandise inventory Long-term investment in stock Equipment Accumulated depreciation, equipment Total assets Liabilities and Stockholders' Equity Accounts payable Cash dividends payable Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity 20192018 282,800175,000 75,30054,000 395,300273,000 036,000 190,500200,000 (122,500)613,000(125,000) \begin{tabular}{rr} 117,400 & 69,000 \\ 38,000 & 41,000 \\ 44,000 & 0 \\ 328,000 & 328,000 \\ 294,000 & 175,000 \\ \hline 821,400 & 613,000 \\ \hline \end{tabular} Statement of Cash Flows (select one) Cash flows from operating activities Adjust. to reconcile net income to net cash flow from oper. act.: Cash flows from investing activities x Cash flows from financing activities Total cash flow increase/(decrease) Cash at beginning of year Cash at end of year. Courtland Corp. Income Statement For Year Ended December 31, 2019 Sales Cost of goods sold 570,000 Depreciation expense Other expenses 37,000 740,000 Gain on sale of long-term investment 29,000 (636,000) Net income 119,00015,000