The comparative balance sheet of Flack Inc. for December 31, 2013 and 2012, is shown as follows:

The following additional information was taken from the records:
a. The investments were sold for $105,000 cash.
b. Equipment and land were acquired for cash.
c. There were no disposals of equipment during the year.
d. The common stock was issued for cash.
e. There was a $58,140 credit to Retained Earnings for net income.
f. There was a $36,000 debit to Retained Earnings for cash dividends declared.
Instructions
Prepare a statement of cash flows, using the indirect method of presenting cash flows from operatingactivities.

Dec. 31, 2013 Dec. 31, 2012 Assets $219,720 78,360 231,420 90,000 0 Land .. . 123,000 264,420 (62,400) $885,780 207,420 (55,500) 771420 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) . $159,180 9,000 . . .. 180,000 $885,780 $151,860 19,740 7,200 36,000 105,000 451,620 771,420 Paid-in capital in excess of par-common stock . . . .