Prepare a statement of cash flows of Cedar Company using the indirect method

Additional Data:
1. Net income for the year amounted to $104,000.
2. Cash dividends were paid amounting to 4% of par value.
3. Land was sold for $120,000.
4. Cedar sold equipment, which cost $225,000 and had accumulated depreciation of $90,000, for $105,000 (Remember to T-account this transaction and determine its impact on the change in Equipment and the change in Accumulated Depreciation).
Instructions:
Prepare a statement of cash flows using the indirectmethod.

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Cedar Company Comparative Balance Sheet December 31 2007 2006 $ 64,000 $ 36,000 Cash Accounts receivable, net 53,000 57,000 Inventory 171,000 123,000 Land 180,000 285,000 Building 300,000 300,000 Accumulated depreciation (75,000) (60,000) 900,000 Equipment 1,545,000 Accumulated depreciation (177,000) (141,000) $2.061.000 $1,500,000 $ 172,000 $ 150,000 Accounts payable Bonds payable 480,000 -0- Capital stock, $10 par 1,125,000 1,125,000 Retained earnings 284,000 225,000 $2.061.000 $1,500,000