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Problem 14-18A (Algo) Using financial statements to prepare a statement of cash flows-indirect method LO 14-1, 14-3, 14-4 The comparative balance sheets and income statements for Rooney Company follow: Additional Data 1. During Year 2 , the company sold equipment for $18,105; it had originally cost $31,000. Accumulated depreciation on this equipment was $13,495 at the time of the sale. Also, the company purchased equipment for $6,800 cash. 2. The company sold land that had cost $3,490. This land was sold for $3,400, resulting in the recognition of a $90 loss. Also, common stock was issued in exchange for title to land that was valued at $11,400 at the time of exchange. 3. Paid dividends of $8,751. Required Prepare a statement of cash flows using the indirect method. Note: Amounts to be deducted and cash outflows should be indicated by a minus sign. Required Prepare a statement of cash flows using the indirect method. Note: Amounts to be deducted and cash outflows should be indicated by a minus sign. Problem 14-18A (Algo) Using financial statements to prepare a statement of cash flows-indirect method LO 14-1, 14-3, 14-4 The comparative balance sheets and income statements for Rooney Company follow: Additional Data 1. During Year 2 , the company sold equipment for $18,105; it had originally cost $31,000. Accumulated depreciation on this equipment was $13,495 at the time of the sale. Also, the company purchased equipment for $6,800 cash. 2. The company sold land that had cost $3,490. This land was sold for $3,400, resulting in the recognition of a $90 loss. Also, common stock was issued in exchange for title to land that was valued at $11,400 at the time of exchange. 3. Paid dividends of $8,751. Required Prepare a statement of cash flows using the indirect method. Note: Amounts to be deducted and cash outflows should be indicated by a minus sign. Required Prepare a statement of cash flows using the indirect method. Note: Amounts to be deducted and cash outflows should be indicated by a minus sign