Problem 12-18A (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 income statements for Gypsy Company follow 1. During Year 2, the company sold equipment for $18,960; it had originally cost $28,600. Accumulated depreciation on this equipment was $10,390 at the time of the sale. Also, the company purchased equipment for $6,860 cash. 2. The company sold land that had cost $4,590. This land was sold for $4,500, resulting in the recognition of a $90 loss. Also, common stock was issued in exchange for title to land that was valued at $11,100 at the time of exchange. 3. Paid dividends of $8,980