Use this information to complete a Statement of Cash Flows using the Indirect Method.

Balance Sheets 12/31

	2011	2012
ASSETS
Cash	$ 34,000	$ 56,000
Accounts Receivable	30,000	20,000
Prepaid Expenses	0	4,000
Land	0	130,000
Building	0	160,000
Equipment	10,000	27,000
Accumulated Depreciation	0	(14,000)
Total Assets	$ 74,000	$ 383,000
LIABILITIES AND EQUITIES
Accounts Payable	$ 4,000	$ 59,000
Bonds Payable	0	130,000
Common Stock	50,000	50,000
Retained Earnings	20,000	144,000
Total Liabilities and Equities	$ 74,000	$ 383,000

Airport Shuttle Services: Income Statement 12/31

Revenues		$ 507,000
Operating Expenses	$ 261,000
Depreciation Expenses	15,000
Loss on Sale of Equipment	3,000
Total Expenses		279,000
Operating Income		228,000
Income Taxes		89,000
Net Income		$ 139,000

Additional Information

1. The company declared and paid a $ 15,000 cash dividend.
2. The company obtained land through the issuance of $ 130,000 in long-term bonds.
3. A building costing $ 160,000 was purchased with cash.
4. Equipment costing $ 25,000 was purchased with cash.
5. The company sold equipment with a book value of $ 7,000 (cost was $ 8,000 with accumulated depreciation of $ 1,000) for cash of $ 4,000.