Comparative balance sheet data for Amber Company follow. In addition, new equipment was purchased for $50,000, payment consisting of $25,000 cash and a long-term note for $25,000. The short-term note payable was arranged with a supplier to finance inventory purchases on credit. Cash dividends of $10,000 were paid in 2008; all other changes to retained earnings were caused by the net income for 2008, which amounted to $83,500.

Instructions:
Prepare a statement of cash flows for the year ended December 31, 2008, using the indirectmethod.

Dec. 31, 2008 Dec. 31, 2007 $ 28,000 100,000 Cash and cash equivalents Accounts receivable $ 41,000 94,000 1 10,000 550,000 (277.500) $517,500 Property. plant, and equipment 500,000 Total assets $464,000 Dec. 31, 2008 Dec. 31, 2007 Short-term notes payable Accounts payable Long-term notes payable Bonds payable Common stock, $1 par Additional paid-in capital Retained earnings 05,000 100,000 50,000 20,000 155,000 87,500 $517.500 20,000 80,000 75,000 00,000 20,000 55,000 14,000 $464,000 Total liabilities and stockholders' equity