Financial statement data for Gibbons Electronics Company for 2011 follow:
GIBBONS ELECTRONICS COMPANY
Comparative Statement of Financial Position

GIBBONS ELECTRONICS COMPANY
Statement of Earnings
For the year ended December 31, 2011

Additional information:
1. Old equipment that cost $100,000 and had been depreciated a total of $60,000 was sold for $50,000.
2. New equipment was purchased for cash during the year.
3. Some of the bonds were repaid during the year.
4. New shares were issued for cash during the year.
5. Dividends were declared and paid during the year.
Required:
Prepare a statement of cash flows for Gibbons Electronic Company for the year ended December 31, 201 1. Include supplementary information to disclose the amounts paid for interest and income taxes.

Dec. 31, 2011 Dec. 31, 2010 Assets $ 295,000 384,000 266,000 35,000 980,000 590,000 (130,000) 460,000 1,440,000 Accounts receivable Inventory Prepaid insurano $ 285,000 334,000 311,000 50,000 Total current assets Property, plant, and equipment Accumulated depreciation 650,000 (165,000) 485,000 465,000 Net capital assets Total assets Liabilities and shareholders' equity Accounts payable 50,000 0,000 35,000 45,000 40,000 575.000 15,000 285.000 440,000 725,000 $1,465,000 440,000 $ 60,000 15,000 50,000 55,000 80,000 490,000 Wages payable Unearned revenue Income taxes payable Total current liabilities Bond payable Total liabilities Share capital Retained earnings 350,000 445,000 795,000 Total shareholders equity Total liabilities and shareholders equity Sales revenue Gain on sale of equipment $3,855000 10,000 3,865,000 Expenses Cost of goods sold Wages expense Depreciation expense Other operating expenses Interest expense Income taxes Total expenses $2,105,000 353,000 95,000 555,000 60,000 345,000 3,513,000 352,000 Net earnings