Use the following information regarding the Newcastle Corporation to prepare a statement of cash flows using the indirect method:

Accounts payable decrease	$6,000
Accounts receivable increase	8,400
Wages payable decrease	3,600
Amortization expense	19,200
Cash balance, January 1	36,000
Cash balance, December 31	8,400
Cash paid as dividends	7,200
Cash paid to purchase land	120,000
Cash paid to retire bonds payable at par	90,000
Cash received from issuance of common stock	54,000
Cash received from sale of equipment	14,400
Depreciation expense	46,800
Gain on sale of equipment	16,800
Inventory increase	15,600
Net income	115,200
Prepaid expenses increase	9,600

Remember to use negative signs with answers when appropriate.

NEWCASTLE CORPORATION Statement of Cash Flows For Year Ended December 31
Cash Flow from Operating Activities
Net Income
Add (deduct) items to convert net income to cash basis
Depreciation
Amortization
Gain on Sale of Equipment
Accounts Receivable Increase
Inventory Increase
Prepaid Expenses Increase
Accounts Payable Decrease
Wages Payable Decrease
Cash Flow Provided by Operating Activities
Cash Flow from Investing Activities
Sale of Equipment
Purchase of Land
Cash Used by Investing Activities
Cash Flow from Financing Activities
Issuance of Common Stock
Retirement of Bonds Payable
Payment of Dividends
Cash Used by Financing Activities
Net Decrease in Cash
Cash at Beginning of Year
Cash at End of Year