Comparative balance sheet data for Tanzanite Imporium follow. In addition, new equipment was purchased for $60,000, payment consisting of $40,000 cash and a long-term note for $20,000. The short-term note payable was arranged with a supplier to finance inventory purchases on credit. Cash dividends of $15,000 were paid in 2011; all other changes to retained earnings were caused by the net income for 2011, which amounted to $92,200.

Instructions:
Prepare a statement of cash flows for the year ended December 31, 2011, using the indirectmethod.

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Dec. 31, 2011 Dec. 31, 2010 Cash and cash equivalents Inventory Property, plant, and equipment plant, and equipment 0 Short-term notes payable Accounts payable 120,000 Common stock, $l par Additional paid-in capital Retained earnings Total liabilities and stockholders' equity