Alex Company reported the following information for 2019.

Additional information:
1. Operating expenses include depreciation expense of $40,000.
2. Land was sold at its book value for cash.
3. Cash dividends of $85,000 were declared and paid in 2019.
4. Equipment with a cost of $166,000 was purchased for cash. Equipment with a cost of
$51,000 and a book value of $36,000 was sold for $34,000 cash.
5. Bonds of $50,000 were redeemed at their face value for cash.
6. Common stock ($1 par) of $170,000 was issued for cash.
Use this information to prepare a statement of cash fl ows using the indirect method.

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ALEX COMPANY Comparative Balance Sheets December 31 Change Increase/Decrease Assets 2019 2018 Cash Accounts receivable Inventory Prepaid expenses Land Buildings S 59,000 36,000 62,00022,000 23,000 Increase 40,000 Increase 44,000 Increase 2,000 Increase 15,000 Decrease 44,000 6,000 4,000 55,000 70,000 200,000 200,000 Accumulated depreciation- buildings 21,000) (14,000) 7,000 Increase Equipment 183,00068,000 115,000 Increase Accumulated depreciation-equipment (28,000) (10,000) 18,000 Increase Totals S560,000 $376,000 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock ($1 par) Retained earnings $ 43,000 40,000 3,000 Increase 10,000 100,000 150,000 60,000 187,000 116,000 $560,000 $376,000 10,000 Decrease 50,000 Decrease 170,000 Increase 71,000 Increase 230,000 Totals ALEX COMPANY Income Statement For the Year Ended December 31, 2019 Sales revenue Cost of goods sold Operating expenses Interest expense Loss on disposal of plant assets Income before income taxes Income tax expense Net income $941,000 $475,000 231,000 12,000 2,000 720,000 221,000 65,000 $156,000