Condensed financial data of Ziebert Company are shown below.

Additional information:
1. New plant assets costing ‚¬146,000 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 ‚¬48.000 was declared and paid during the year.

Instructions
Prepare a statement of cash flows using the indirect method.

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ZIEBERT COMPANY Comparative Statements of Financial Position December 31 Assets Plant assets Accumulated depreciation Investments Inventories Accounts reccivable Cash 2011 315.000 (44,500) 79.500 126.900 60.800 02.700 640.400 2010 205.000 (40.000) 07.000 102.650 37,000 33.400 445,050 Total Equity and Liabilities Share capital ordinary Retained earnings Bonds payable Accounts payable Accrued expenses payable 250.000 172.600 145.000 57,700 15,100 640.400 200,000 107.940 70,000 48,280 18,830 445,050 Total ZIEBERT COMPANY Income Statement For the Year Ended December 31, 2011 Sales Gain on sale of plant assets Less: 297,500 5,000 302.500 99.460 Cost of goods sold Operating expenses. excluding depreciation expense Depreciation expense Income taxes Interest expense 19,670 30.500 37,270 2,940 189,840 Net income 112,660