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Statement of Cash FlowsIndirect Method

The comparative balance sheet of Coulson, Inc. at December 31, 20Y2 and 20Y1, is as follows:

	Dec. 31, 20Y2			Dec. 31, 20Y1
Assets
Cash	$300,600			$337,800
Accounts receivable (net)	704,400			609,600
Inventories	918,600			865,800
Prepaid expenses	18,600			26,400
Land	990,000			1,386,000
Buildings	1,980,000			990,000
Accumulated depreciationbuildings	(397,200)			(366,000)
Equipment	660,600			529,800
Accumulated depreciationequipment	(133,200)			(162,000)
Total assets	$5,042,400			$4,217,400
Liabilities and Stockholders' Equity
Accounts payable (merchandise creditors)	$594,000			$631,200
Income taxes payable	26,400			21,600
Bonds payable	330,000			0
Common stock, $20 par	320,000			180,000
Paid-in capital in excess of parcommon stock	950,000			810,000
Retained earnings	2,822,000			2,574,600
Total liabilities and stockholders' equity	$5,042,400			$4,217,400

The noncurrent asset, noncurrent liability, and stockholders equity accounts for 20Y2 are as follows:

ACCOUNT Land				ACCOUNT NO.
				Balance
Date	Item	Debit	Credit	Debit	Credit
20Y2
Jan. 1	Balance			1,386,000
Apr. 20	Realized $456,000 cash from sale		396,000	990,000

ACCOUNT Buildings				ACCOUNT NO.
				Balance
Date	Item	Debit	Credit	Debit	Credit
20Y2
Jan. 1	Balance			990,000
Apr. 20	Acquired for cash	990,000		1,980,000

ACCOUNT Accumulated DepreciationBuildings				ACCOUNT NO.
				Balance
Date	Item	Debit	Credit	Debit	Credit
20Y2
Jan. 1	Balance				366,000
Dec. 31	Depreciation for year		31,200		397,200

ACCOUNT Equipment				ACCOUNT NO.
				Balance
Date	Item	Debit	Credit	Debit	Credit
20Y2
Jan. 1	Balance			529,800
26	Discarded, no salvage		66,000	463,800
Aug. 11	Purchased for cash	196,800		660,600

ACCOUNT Accumulated Depreciation-Equipment				ACCOUNT NO.
				Balance
Date	Item	Debit	Credit	Debit	Credit
20Y2
Jan. 1	Balance				162,000
26	Equipment discarded	66,000			96,000
Dec. 31	Depreciation for year		37,200		133,200

ACCOUNT Bonds Payable				ACCOUNT NO.
				Balance
Date	Item	Debit	Credit	Debit	Credit
20Y2
May 1	Issued 20-year bonds		330,000		330,000

ACCOUNT Common Stock, $20 par				ACCOUNT NO.
				Balance
Date	Item	Debit	Credit	Debit	Credit
20Y2
Jan. 1	Balance				180,000
Dec. 7	Issued 7,000 shares of common stock for $40 per share		140,000		320,000

ACCOUNT Paid-in Capital in Excess of ParCommon Stock				ACCOUNT NO.
				Balance
Date	Item	Debit	Credit	Debit	Credit
20Y2
Jan. 1	Balance				810,000
Dec. 7	Issued 7,000 shares of common stock for $40 per share		140,000		950,000

ACCOUNT Retained Earnings				ACCOUNT NO.
				Balance
Date	Item	Debit	Credit	Debit	Credit
20Y2
Jan. 1	Balance				2,574,600
Dec. 31	Net income		326,600		2,901,200
31	Cash dividends	79,200			2,822,000

Required:

Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.

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