Comparative financial statement data for Holly Company are given below:

For 2008, the company reported net income as follows:
Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $500
Cost of goods sold . . . . . . . . . . . . . . . . . . . . . 300
Gross margin . . . . . . . . . . . . . . . . . . . . . . . . . 200
Selling and administrative expenses . . . . . . . 180
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . $ 20
Dividends of $8 were declared and paid during 2008. There were no sales of plant and equipment during the year.
Required:
Using the indirect method, prepare a statement of cash flows for2008.

December 31 2008 2007 receivable 61 210 180 (40) (30) $285 $247 75 Piant and equipment Total assets. Accounts payable Retained earnings Total liabilities and stockholders' equity 45 39 70 150 138 $285 $247