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The comparative balance sheet of Whitman Co$.$ at December $31,20$Y$2$ and $20$Y$1,$ is as follows:

$1$

Dec. $31,20$Y$2$

Dec. $31,20$Y$1$

$2$

Assets

$3$

Cash

$$918,000\mathrm{.}00$

$$964,800\mathrm{.}00$

$4$

Accounts receivable $($net$)$

$828,900\mathrm{.}00$

$761,940\mathrm{.}00$

$5$

Inventories

$1,268,460\mathrm{.}00$

$1,162,980\mathrm{.}00$

$6$

Prepaid expenses

$29,340\mathrm{.}00$

$35,100\mathrm{.}00$

$7$

Land

$315,900\mathrm{.}00$

$479,700\mathrm{.}00$

$8$

Buildings

$1,462,500\mathrm{.}00$

$900,900\mathrm{.}00$

$9$

Accumulated depreciation$-$buildings

$(408,600\mathrm{.}00)$

$(382,320\mathrm{.}00)$

$10$

Equipment

$512,280\mathrm{.}00$

$454,680\mathrm{.}00$

$11$

Accumulated depreciation$-$equipment

$(141,300\mathrm{.}00)$

$(158,760\mathrm{.}00)$

$12$

Total assets

$$4,785,480\mathrm{.}00$

$$4,219,020\mathrm{.}00$

$13$

Liabilities and Stockholders$$ Equity

$14$

Accounts payable $($merchandise creditors$)$

$$922,500\mathrm{.}00$

$$958,320\mathrm{.}00$

$15$

Bonds payable

$270,000\mathrm{.}00$

$0\mathrm{.}00$

$16$

Common stock, $$25$ par

$317,000\mathrm{.}00$

$117,000\mathrm{.}00$

$17$

Excess of paid$-$in capital over par

$758,000\mathrm{.}00$

$558,000\mathrm{.}00$

$18$

Retained earnings

$2,517,980\mathrm{.}00$

$2,585,700\mathrm{.}00$

$19$

Total liabilities and stockholders$$ equity

$$4,785,480\mathrm{.}00$

$$4,219,020\mathrm{.}00$

The noncurrent asset, noncurrent liability, and stockholders$$ equity accounts for $20$Y$2$ are as follows:

ACCOUNT Land

ACCOUNT NO$.$

Balance

Date Item Debit Credit Debit Credit

$20$Y$2$

Jan. $1$ Balance $479,700$

Apr. $20$ Realized $$151,200$ cash from sale $163,800315,900$

ACCOUNT Buildings

ACCOUNT NO$.$

Balance

Date Item Debit Credit Debit Credit

$20$Y$2$

Jan. $1$ Balance $900,900$

Apr. $20$ Acquired for cash $561,6001,462,500$

ACCOUNT Accumulated Depreciation$$Buildings

ACCOUNT NO$.$

Balance

Date Item Debit Credit Debit Credit

$20$Y$2$

Jan. $1$ Balance $382,320$

Dec. $31$ Depreciation for year $26,280408,600$

ACCOUNT Equipment

ACCOUNT NO$.$

Balance

Date Item Debit Credit Debit Credit

$20$Y$2$

Jan. $1$ Balance $454,680$

$26$ Discarded, no salvage $46,800407,880$

Aug. $11$ Purchased for cash $104,400512,280$

ACCOUNT Accumulated Depreciation $$Equipment

ACCOUNT NO$.$

Balance

Date Item Debit Credit Debit Credit

$20$Y$2$

Jan. $1$ Balance $158,760$

$26$ Equipment discarded $46,800111,960$

Dec. $31$ Depreciation for year $29,340141,300$

ACCOUNT Bonds Payable

ACCOUNT NO$.$

Balance

Date Item Debit Credit Debit Credit

$20$Y$2$

May $1$ Issued $20-$year bonds $270,000270,000$

ACCOUNT Common Stock $$25$ par

ACCOUNT NO$.$

Balance

Date Item Debit Credit Debit Credit

$20$Y$2$

Jan. $1$ Balance $117,000$

Dec. $7$ Issued $8,000$ shares of common stock for $$50$ per share $200,000317,000$

ACCOUNT Paid$-$In Capital in Excess of Par$$Common Stock

ACCOUNT NO$.$

Balance

Date Item Debit Credit Debit Credit

$20$Y$2$

Jan. $1$ Balance $558,000$

Dec. $7$ Issued $8,000$ shares of common stock for $$50$ per share $200,000758,000$

ACCOUNT Retained Earnings

ACCOUNT NO$.$

Balance

Date Item Debit Credit Debit Credit

$20$Y$2$

Jan. $1$ Balance $2,585,700$

Dec. $31$ Net loss $35,3202,550,380$

$31$ Cash dividends $32,4002,517,980$

Required:

Prepare a statement of cash flows, using the indirect method of presenting cash flows from $($used for$)$ operating activities. Be sure to complete the heading of the statement. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Use the minus sign to indicate cash outflows, decreases in cash and a net cash outflow for each section, if required.

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