Condensed financial data of George Company follow.

Additional information:
1. New plant assets costing $141,000 were purchased for cash during the year.
2. Investments were sold at cost.
3. Plant assets costing $36,000 were sold for $15,000, resulting in a gain of $5,000.
4. A cash dividend of $75,000 was declared and paid during the year.

Instructions
Prepare a statement of cash flows using the indirectmethod.

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George Company Comparative Balance Sheets December 31 Accounts receivable Plant assets Liabilities and Stockholders' Equity Accrued expenses payable George Company Income Statement Data For the Year Ended December 31, 2008 $297,500 Gain on sale of plant assets Cost of goods sold Operating expenses, excluding depreciation expense Depreciation expense 14,670 159,840 $142,660