Olbrot Corporation's income statement for the year ended June 30, 2012, and its comparative balance sheets for June 30, 2012 and 2011 appear below and on the following page.

Olbrot Corporation

Income Statement

For the Year Ended June 30, 2012

Sales ................ $244,000

Cost of goods sold ............. 148,100

Gross margin ............... $ 95,900

Operating expenses ........... 45,000

Operating Income ........... $50,900

Interest expense ............ 2,800

Income before income taxes ................... $ 48,100

Income taxes expense ........... 12,300

Net income ............. 35,800

Olbrot issued a $44,000 note payable for purchase of furniture; sold at carrying value furniture that cost $54,000 with accumulated depreciation of $30,600; recorded depreciation on the furniture for the year, $38,600; repaid a note in the amount of $40,000; issued $50,000 of common stock at par value; and paid dividends of $8,600. Prepare Olbrot's statement of cash flow for the year 2012 using the indirectmethod.

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Olbrot Corporation Comparative Balance Sheets June 30, 2012 and 2011 2012 2011 Assets Cash Accounts receivable (net) Inventory Prepaid expenses Furniture Accumulated depreciation-furniture Total assets $139,800 42,000 86,800 6,400 110,000 (18,000) $367,000 25,000 52,000 96,800 5,200 120,000 10,000) $289,000 Accounts payable Income taxes payable Notes payable (long-term Common stock, $10 par value Retained earnings Total liabilities and stockholders equity $367,000 $289,000 Liabllltles and Stockholders' Equity 26,000 2,400 74,000 230,000 34,600 s 28,000 3,600 70,000 180,000 7.400