Based on an analysis of the cash and other accounts, the following information was provided by the

Question:

Based on an analysis of the cash and other accounts, the following information was provided by the controller of Black Iron, Inc., a manufacturer of wood-burning stoves, for the year 2011.
(a) Cash sales for the year were $210,000; sales on account totaled $240,000.
(b) Cost of goods sold was 50% of total sales.
(c) All inventory is purchased on account.
(d) Depreciation on equipment was $86,000 for the year.
(e) Amortization of patent was $9,000.
(f) Collection of was $98,000.
(g) Payments on for inventory equaled $123,000.
(h) Rent expense paid in cash was $42,000.
(i) Cash of $580,000 was obtained by issuing 40,000 shares of $10 par stock.
(j) Land worth $425,000 was acquired in exchange for a $400,000 bond.
(k) Equipment was purchased for cash at a cost of $287,000.
(l) Dividends of $115,000 were declared.
(m) Dividends of $52,000 that had been declared the previous year were paid.
(n) A machine used on the assembly line was sold for $26,000. The machine had a book value of $19,000.
(o) Another machine with a book value of $2,300 was scrapped and was reported as an ordinary loss. No cash was received on this transaction.
(p) The cash account had a balance of $79,000 on January 1, 2011.

Instructions:
Use the direct method to prepare a statement of cash flows for Black Iron, Inc., for the year ended December 31, 2011.

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