Use the following information for Professional Athletics, Inc., to prepare a statement of cash flows for the year ended June 30, 2009, using the indirect method:

Additional information follows:
a. Net income for the fiscal year ended June 30, 2009, was $290,000.
b. The company declared and paid cash dividends.
c. The company redeemed bonds payable amounting to $60,000 for cash of $60,000.
d. The company issued common stock for $100,000cash.

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Professional Athletics, Inc. Comparative Balance Sheets June 30, June 30 2009 Assets Cash Accounts receivable . 110,000 47,000 128,000 338,000 210,000 520,000 (180,000 (120,000) 1,416,000 S1,123,000 .. 156,000 360.000 270,000 700,000 Land Equipment.. Accumulated depreciation . . .. Total assets Liabilities and Shareholders Equity Accounts payable Bonds payable... Common stock and additional paid-in capital Retained earnings Total liabilities and shareholders' equity .. . . $70,000 80,000 430,000 350,000 263,000 416000 $1123,000 370,000 450.000