The comparative balance sheets and income statements for Gypsy Company follow:


Income Statement
For the Year Ended December 31, 2014
Sales revenue ......... $61,200
Cost of goods sold ...... (24,500)
Gross margin ........ 36,700
Depreciation expense .... (12,000)
Operating income ...... 24,700
Gain on sale of equipment .... 1,500
Loss on disposal of land .... (100)
Net income ........ $26,100

Additional Data
1. During 2014, the company sold equipment for $21,500; it had originally cost $36,000. Accumulated depreciation on this equipment was $16,000 at the time of the sale. Also, the company purchased equipment for $29,000 cash.
2. The company sold land that had cost $6,000. This land was sold for $5,900, resulting in the recognition of a $100 loss. Also, common stock was issued in exchange for title to land that was valued at $22,000 at the time of exchange.
3. Paid dividends of $12,400.

Required
Prepare a statement of cash flows using the indirectmethod.

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Balance Sheets As of December 31 2014 2013 Assets Cash Accounts receivable Inventory Equipment Accumulated depreciation-equipment Land S 32,500 4,750 11,200 45,000 (17,800) 28,000 $16,300 2,800 9,800 52,000 (21,800) 12,000 $71,100 Total assets Liabilities and equity Accounts payable (inventory) Long-term debt Common stock Retained earnings $3,750 5,800 47,000 47,100 $103,650 S 4,900 7,800 25,000 33 400 $71,100 Total liabilities and equity