The following financial statements were drawn from the records of Culinary Products Co.:

Income Statement
For the Year Ended December 31, 2014
Sales revenue ......... $35,700
Cost of goods sold ...... (14,150)
Gross margin ........ 21,550
Depreciation expense ...... (3,600)
Operating income ...... 17,950
Gain on sale of equipment .... 500
Loss on disposal of land ..... (50)
Net income ........ $18,400

Additional Data
1. During 2014, the company sold equipment for $18,500; it had originally cost $30,000.
Accumulated depreciation on this equipment was $12,000 at the time of the sale. Also, the company purchased equipment for $7,000 cash.
2. The company sold land that had cost $4,000. This land was sold for $3,950, resulting in the recognition of a $50 loss. Also, common stock was issued in exchange for title to land that was valued at $12,000 at the time of exchange.
3. Paid dividends of $9,200.

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 Total assets $24,200 2,000 6,400 19,000 (9,000) 18,400 $61,000 2,800 1,200 6,000 42,000 (17,400) 10,400 S45,000 Liabilities and stockholders' equity Accounts payable (inventoryl Long-term debt Common stock Retained earnings S 2,600 2,800 22,000 33,600 $61,000 S 4,200 6,400 10,000 24,400 S45,000 Total liabilities and stockholders' equity