The comparative balance sheet of Alliance Structures Inc. for December 31, 2008 and 2007, is as follows:

The following additional information is taken from the records:
a. Land was sold for $15.
b. Equipment was acquired for cash.
c. There were no disposals of equipment during the year.
d. The common stock was issued for cash.
e. There was a $40 credit to Retained Earnings for net income.
f. There was a $12 debit to Retained Earnings for cash dividends declared.

Prepare a statement of cash flows, using the indirect method of presenting cash flows from operatingactivities.

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Dec. 31, 2008 Dec. 31, 2007 Assets S 90 30 24 35 32 S 23 27 21 Accounts receivable (net ._.. .. Land...__ . Equipment $202 $143 Liabilities and Stockholders Equity Accounts payable (merchandise creditors) . . .. S 17 S 10 Common stock, S1 par Paid-in capital in excess of par-common stock 6 30 148 $202 10 120 $143