a comparative balance sheet for halpern corporation is presented below;

halpern corporation

comperative balance sheet

assets

2013 2012

cash $36,000 $31,000

accounts receivable (net) 70,000 60,000

prepaid insurance 25,000 17,000

land 18,000 40,000

equipment 70,000 60,000

accumulated depretiation (20,000) (13,000)

total assets $199,000 $195,000

liabilities and stockholder's equity

accounts payable $11,000 $6,000

bonds payable 27,000 19,000

common stock 140,000 115,000

retained earnings 21,000 55,000

total liabilities and stockholders' equity $199,000 $195,000

additional information;

1. net loss for 2013 is $20,000

2. cash dividens of $14,000 were declared and paid in 2013

3. land was sold for cash at a loss of $40,000 this was the only land transation during the year

4. equipment with a cost of $15,000 and accumulated depreciation of $10,000 was sold for $5,000 cash

5. $22,000 of bonds were retired during the year at carrying (book) value

6. equipment was acquired for common stock. the fair value of the stock at the time of the exchange was $25,000

Instructions

Prepare a statement of cash flows for the year ended 2013, using the indirect method