Indirect Method$$ Preparing a Statement of Cash Flows

The accounting records of Guci Corp. show the following data for the current year.

Balance Sheet, December $31$Prior YearCurrent YearDifferenceCash$$371$$$241$$$(130)$Accounts receivable$1,110740(370)$Merchandise inventory$3701,110740$Equipment, net$6,6608,1401,480$Total assets$$8,511$$$10,231$$$1,720$Accounts payable$$1,018$$$888$$$(130)$Salaries payable$18593(92)$Bonds payable$2,2202,590370$Common stock $($no$-$par$)4,0704,440370$Retained earnings$1,0182,2201,202$Total liabilities and stockholders' equity$$8,511$$$10,231$$$1,720$

Income StatementFor the Current Year Ended December $31$Revenues$$11,100$Cost of goods sold$6,290$Depreciation$1,480$Other expenses$1,425$Net income$$1,905$

Additional information:

$1.$ Equipment was sold for its book value of $$1,480.$

$2.$ Equipment purchased during the year was $$4,440.$

$3.$ Cash dividends declared and paid were $$703.$

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.