Here are comparative balance sheets for Syal Company.
| SYAL COMPANY Comparative Balance Sheets December 31 |
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| Assets | 2012 | 2011 | ||||
| Cash | $72,600 | $22,270 | ||||
| Accounts receivable | 85,590 | 76,280 | ||||
| Inventory | 169,910 | 189,000 | ||||
| Land | 75,730 | 101,590 | ||||
| Equipment | 259,630 | 199,840 | ||||
| Accumulated depreciation%u2014equipment | (66,330 | ) | (31,530 | ) | ||
| Total | $597,130 | $557,450 | ||||
| Liabilities and Stockholders%u2019 Equity | ||||||
| Accounts payable | $39,360 | $47,480 | ||||
| Bonds payable | 150,770 | 203,850 | ||||
| Common stock ($1 par) | 217,390 | 172,210 | ||||
| Retained earnings | 189,610 | 133,910 | ||||
| Total | $597,130 | $557,450 | ||||
Additional information:
| 1. | Net income for 2012 was $103,740. | |
| 2. | Cash dividends of $48,040 were declared and paid. | |
| 3. | Bonds payable amounting to $53,080 were redeemed for cash $53,080. | |
| 4. | Common stock was issued for $45,180 cash. | |
| 5. | No equipment was sold during 2012, but land was sold at cost. |
Prepare a statement of cash flows for 2012 using the indirect method.