Prepare a statement of cash flows (using the indirect method) for the Midland Manufacturing Corporation for the year ending December 2013, based on the following comparative balance sheets.

*Net income for the year ended December 31, 2013, totaled $8.3 million; dividends paid during the same period totaled $3.5 million; $2.0 million of long-term debt was retired in 2013; and fixed assets were sold during 2013 for $1.0 million.

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Midland Manufacturing Corporation Comparative Balance Sheets (in Millions of Dollars December 31. 2012 December 31 2013 Assets Curent assets: $ 4.9 7.2 Cash Accounts recaivable, net Inventories Total current assets $ 0.8 7.5 Property and equipment Less: Accumulated depreciabon Net property and equipment $80.7 16.3 $64.4 S 22.8 $115.0 25.8 Total assets ITA0 Liabilities and Stockholders Equity Current liabilities Accounts payable Other current liabilities Total current liabilities $ 80 Long-term debt Daferred faderal income taxes Stockholdars equity $14.0 18.8 S 1.2 31.8 S 1.4 Common stock Additional paid-in capital etained earings Total stockholders' equity s 3.0 29.0 24.3 $ 3.0 29.0 29.1 Total liabilitbies and stockholders' equity $903 S1120