The comparative balance sheets for Berkler Company as of December 31 are presented below.

Additional information:
1. Operating expenses include depreciation expense of $48,000.
2. Land was sold for cash at book value.
3. Cash dividends of $12,000 were paid.
4. Net income for 2014 was $46,000.
5. Equipment was purchased for $88,000 cash. In addition, equipment costing $34,000 with a book value of $6,000 was sold for $9,000 cash.
6. Bonds were converted at face value by issuing 50,000 shares of $1 par value common stock.
Instructions
Prepare a statement of cash flows for the year ended December 31, 2014, using the indirectmethod.

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BERKLER COMPANY Comparative Balance Sheets December 31 Assets 2014 2013 Cash Accounts receivable Inventory Prepaid expenses Land Buildings Accumulated depreciation-buildings qipent Accumulated depreciation-equipment Total 96,000 76,000 52,000 22,000 110,000 300,000 (60,000) 264,000 (90,000) $770,000 78,000 70,000 55,000 18,000 144,000 300,000 (50,000) 210,000 (80,000) $745,000 Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock, $1 par Retained earnings Total 26,000 350,000 170,000 224,000 $770,000 35,000 400,000 120,000 190,000 $745,000