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

Balance Sheets
As of December 31
	Year 2	Year 1
Assets
Cash	$63,968	$40,850
Accounts receivable	33,914	24,870
Inventory	157,665	173,430
Prepaid rent	2,290	4,580
Equipment	255,560	286,510
Accumulated depreciation	(150,590)	(235,070)
Land	195,750	81,050
Total assets	$558,557	$376,220
Liabilities
Accounts payable (inventory)	$61,878	70,190
Salaries payable	24,395	20,910
Stockholders equity
Common stock, $50 par value	251,000	201,000
Retained earnings	221,284	84,120
Total liabilities and equity	$558,557	$376,220

Income Statement
For the Year Ended December 31, Year 2
Sales	$1,504,000
Cost of goods sold	(799,326)
Gross profit	704,674
Operating expenses
Depreciation expense	(24,470)
Rent expense	(29,800)
Salaries expense	(253,700)
Other operating expenses	(259,540)
Net income	$137,164

Other Information

1. Purchased land for $114,700.
2. Purchased new equipment for $99,200.
3. Sold old equipment that cost $130,150 with accumulated depreciation of $108,950 for $21,200 cash.
4. Issued common stock for $50,000.

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