The balance sheet for Plasma Screens Corporation along with additional information is provided below:

Additional Information for 2012:
1. Net income is $69,000.
2. The company purchases $120,000 in equipment.
3. Depreciation expense is $160,000.
4. The company repays $100,000 in notes payable.
5. The company declares and pays a cash dividend of $25,000.
Required:
Prepare the statement of cash flows using the indirect method.

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PLASMA SCRE ENS CORPORATION Balance Sheet December 31, 2012 and 2011 2012 2011 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent S 112,000 $ 120,000 92,000 80,000 2,000 78,000 95,000 4,000 Long-term assets: Land Equipment Accumulated depreciation 480,000 670,000 (428,000) (268,000) $1,131,000 $1,176,000 480,000 790,000 Total assets Liabilities and Stockholders' E Current liabilities: Accounts payable Interest payable Income tax payable $ 99,000 S85,000 12,000 5,000 6,000 8,000 100,000 700,000 Long-term liabilities: Notes payable 200,000 Stockholders' equity: Common stock Retained earnings 700,000 174,000 $1,131,000 $1,176,000 218,000 Total liabilities and stockholders' equity