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

Accounts payable decrease	$9,100
Accounts receivable increase	12,740
Wages payable decrease	5,460
Amortization expense	29,120
Cash balance, January 1	54,600
Cash balance, December 31	12,740
Cash paid as dividends	10,920
Cash paid to purchase land	182,000
Cash paid to retire bonds payable at par	136,500
Cash received from issuance of common stock	81,900
Cash received from sale of equipment	21,840
Depreciation expense	70,980
Gain on sale of equipment	25,480
Inventory increase	23,660
Net income	174,720
Prepaid expenses increase	14,560