Indirect Method Preparing a Statement of Cash Flows

Kidman Corp. reported the following financial statements.

Balance Sheet, December 31	Prior Year	Current Year	Difference
Cash and cash equivalents	$28,800	$74,400	$45,600
Accounts receivable	22,800	18,000	(4,800)
Merchandise inventory	37,200	70,800	33,600
Land	24,000	4,800	(19,200)
Equipment	57,600	86,400	28,800
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	8,400	2,400	(6,000)
Bonds payable	-	36,000	36,000
Common stock (no-par)	96,000	110,400	14,400
Retained earnings	32,400	55,200	22,800
Total liabilities and stockholders' equity	$156,000	$225,600	$69,600

Income Statement
For 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.