Presented here is the comparative balance sheet for Perry Company at December 31.

Additional information:
1. Operating expenses include depreciation expense $65,000 and charges from prepaid expenses of $4,400.
2. Land was sold for cash at cost.
3. Cash dividends of $74,290 were paid.
4. Net income for 2008 was $32,890.
5. Equipment was purchased for $80,000 cash. In addition, equipment costing $40,000 with a book value of $23,000 was sold for $25,000 cash.
6. Bonds were converted at face value by issuing 30,000 shares of $1 par value common stock.

Instructions
Prepare a statement of cash flows for 2008 using the indirectmethod.

Perry Company Comparative Balance Sheets December 31 Assets Accounts receivable Prepaid expenses 2 Accumulated depreciation-building Liabilities and Stockholders Equity Accounts payable Bonds payable Common stock, $1 par Retained eamings