A comparative statement of financial position for Carmichael Industries Inc. follows:

Additional information:
1. Net income for the fiscal year ending December 31, 2014, was $ 129,000.
2. Cash dividends of $60,000 were declared and paid. Dividends paid are treated as financing activities.
3. Bonds payable amounting to $50,000 were retired through issuance of common shares.
4. Land was sold at its carrying amount.
5. No equipment was sold during the year.
Instructions
(a) Prepare a statement of cash flows using the indirect method for cash flows from operating activities.
(b) Comment in general on the results reported in the statement of cash flows.

CARMICHAEL INDUSTRIES INC. Statement of Flnanclal Posltion December 31 Assets Cash Accounts receivable Inventory Land Equipment Accumulated depreciation equipment 2014 $ 21,000 104,000 220,000 71,000 260,000 (69,000) $607,000 2013 $34,000 54,000 189,000 110,000 200,000 (42,000) $545,000 Total Liabilities and Shareholders' Equity Accounts payable Bonds payable Common shares Retained earnings Accumulated other comprehensive income $52,000 150,000 214,000 91,000 00,000 $607,000 $ 59,000 200,000 164,000 22,000 100,000 $545,000 Total