Problem $12-19$A $($Algo$)$ Using financial statements to prepare a statement of cash flows$-$indirect

method LO $12-1,12-3,12-4$

The comparative balance sheets and an income statement for Raceway Corporation follow.

Other Information

Purchased land for $$110,800.$

Purchased new equipment for $$102,000.$

Sold old equipment that cost $$134,940$ with accumulated depreciation of $$115,940$ for $$19,000$ cash.

Issued common stock for $$52,000.$ Required

Prepare the statement of cash flows for Year $2$ using the indirect method. $($Cash outflows should be indicated with a minus sign.$)$