Following is information for Goulding Manufacturing Company:

(a) Long-term debt of $500,000 was retired at face value.

(b) New machinery was purchased for $62,000.

(c) Common stock with a par value of $100,000 was issued for $160,000.

(d) Dividends of $22,000 declared in 2010 were paid in January 2011, and dividends of $30,000 were declared in December 2011, to be paid in 2012.

(e) Net income was $450,700. Included in the computation were depreciation expense of $70,000 and intangible assets amortization of $10,000.

Prepare a statement of cash flows for the year ended December 31, 2011, using the indirectmethod.

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Dec. 31, 2011 Dec. 31, 2010 Current assets: Cash and cash equivalents. Accounts receivable $189.200 175,000 178,000 $130,000 156,000 160,000 Current liabilities: Accounts payable Dividends payable Interest payable Wages payable 64,000 30,000 2,900 24,000 87,400 7,000 7,000 1