Preparing a statement of cash flows using the indirect method:

Raco Incorporateds comparative balance sheets are presented below.
Raco Incorporated
Comparative Balance Sheets
31-Dec
		2015			2014
Cash		$25,210			$10,820
Accounts receivable		14,200			23,630
Prepaid Insurance		3,600			2,400
Land		12,395			15,410
Buildings		54,679			42,400
Accumulated depreciationbuildings		(16,540)			(12,790)
Total		$93,544			$81,870
Accounts payable		$11,256			$8,945
Unearned revenue		$5,400			$18,000
Common stock		30,000			20,000
Retained earnings		46,888			34,925
Total		$93,544			$81,870

Additional information:

Net income was $56,893. Dividends declared and paid were $44,930.

All other changes in noncurrent account balances had a direct effect on cash flows, except the change in accumulated depreciation. The land was sold for $4,700.

Required: Prepare a statement of cash flows for the year ended December 31, 2015 using the indirect method. (Hint: for any accounts where the balance changed, create a T account or record other analysis for your review. You might make a column of changes, so you can see if a balance increased or decreased and by how much. You do not need to turn this in but you can. You may wish to use Excel for this problem. The balance should copy and paste into Excel). If you use Excel you can submit a separate file for the statement of cash flow problem.