Indirect Method$$ Preparing a Statement of Cash Flows

Kidman Corp. reported the following financial statements.

Balance Sheet, December $31$Prior YearCurrent YearDifferenceCash and cash equivalents$$28,800$$$74,400$$$45,600$Accounts receivable$22,80018,000(4,800)$Merchandise inventory$37,20070,80033,600$Land$24,0004,800(19,200)$Equipment$57,60086,40028,800$Accumulated depreciation$(14,400)(28,800)(14,400)$Total assets$$156,000$$$225,600$$$69,600$Accounts payable$$19,200$$$21,600$$$2,400$Notes payable, long$-$term$8,4002,400(6,000)$Bonds payable$-36,00036,000$Common stock $($no$-$par$)96,000110,40014,400$Retained earnings$32,40055,20022,800$Total liabilities and stockholders' equity$$156,000$$$225,600$$$69,600$

Income StatementFor the Current Year Ended December $31$Revenues$$182,400$Cost of goods sold$98,400$Depreciation$14,400$Other expenses$16,800$Loss on sale of land$12,000$Net income$$40,800$

Prepare the statement of cash flows for the current year ended December $31,$ using the indirect method to present cash flows from operating activities.

$$Note: Include a negative sign $(-)$ for any amount that would be subtracted in the statement of cash flows.