Angel Company has prepared its financial statements for the year ended December 31, 2007 and for the three months ended March 31, 2008. You have been asked to prepare a statement of cash flows for the three months ended March 31, 2008. The company's balance sheet data at December 31, 2007 and March 31, 2008, and its income statement data for the three months ended March 31, 2008, follow. You have previously satisfied yourself as to the correctness of the amounts presented.

Your discussion with the company's controller and a review of the financial records have revealed the following information:
(a) On January 7, 2008 the company sold marketable securities for cash. These securities had cost $9,200, and had a fair value of $8,600 at December 31, 2007. The remaining marketable securities were adjusted to their $7,400 fair value on March 31, 2008 by adjustment of the related allowance account. The dividend and interest revenue on these marketable securities is not material.
(b) The company's preferred stock was converted into common stock at a rate of one share of preferred for two shares of common. The preferred stock and common stock have par values of $2 and $1, respectively.
(c) On January 16, 2008, three acres of land were condemned. An award of $32,000 in cash was received on March 24, 2008.
Purchase of additional land as a replacement is not contemplated by the company.
(d) On March 25, 2008 the company purchased equipment for cash.
(e) On March 26, 2008 bonds payable were issued by the company at par for cash.
(f) The investment in 30% owned company included an amount of $9,600 attributable to an increase in the recorded value of depreciable assets at December 31, 2007. This increase is being depreciated at a quarterly rate of $480.
Required
1. Prepare a worksheet (spreadsheet) to support the statement of cash flows for Angel Company for the three months ended March 31, 2008.
2. Prepare the statement of cashflows.

Balance Sheet Data December 31, 2007 25,300 17,500 (1,000) 24,320 31,090 March 31, 2008 Gash Marketable investments (at cost) Allowance for decrease in value Accounts receivable Inventory S 79,400 8,300 900 49,320 48,590 S 184,710 18,700 250,000 81,500 Total current assets Land Building Equipment Accumulated depreciation Investment in 30% owned company Other assets Total S 97,210 40,000 250,000 (15,000) 61,220 (16,250) 67,100 $600,860 38,417 13,529 $ 51,946 187,000 115,000 (2,150) 846 Accounts payable Income taxes payable $ 21,220 Total current liabilities Other liabilities Bonds payable Discount on bonds payable Deferred taxes payable Preferred stock Common stock Unrealized decrease in value of marketable investments Dividends dedared Retained earnings Total $ 21,220 187,000 50,000 (2.300) 510 30,000 80,000 (1,000) 110,000 900 (8,000) 147,118 83,100 $448,530 $600,860 Income Statement Data For the Three Months Ended March 31, 2008 Sales Gain on sale of marketable investments Equity in earnings of 30% owned company Extraordinary gain on condemnation of land (net of tax) $242,807 2,400 5,880 8,560 $259,647 Total revenues Cost of sales Ceneral and administrative expenses Interest expense $157,354 22,010 1,250 1,150 13,865 5195.629 S 64,018 Income taxes Total expenses Net income