The comparative balance sheet of House Construction Co. for June 30, 2010 and 2009,
is as follows:

The following additional information was taken from the records of House Construction Co.:
a. Equipment and land were acquired for cash.
b. There were no disposals of equipment during the year.
c. The investments were sold for $54,000 cash.
d. The common stock was issued for cash.
e. There was a $79,200 credit to Retained Earnings for net income.
f. There was a $60,000 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.

June 30, 2010 June 30, 2009 Assets $ 41,600 121,900 $ 28,200 110,700 170,500 Cash Accounts receivable (net). Inventories 175,600 Investments 60,000 174,000 258,000 (58,300) $712,800 Land 210,600 (49,600) Equipment . Accumulated depreciation $530,400 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors).. Accrued expenses payable (operating expenses) Dividends payable. Common stock, $1 par. Paid-in capital in excess of par-common stock Retained earnings. $121,000 18,000 15,000 67,200 264,000 227,600 $712,800 $114,200 15,800 12,000 60,000 120,000 208,400 $530,400