Statement of Cash Flows A list of selected items involving the cash flow activities of the Topps Company for 2007 is presented here:
a. Patent amortization expense, $3,500
b. Machinery was purchased for $39,500
c. At year end, bonds payable with a face value of $20,000 were issued for $17,000
d. Net income, $47,200
e. Dividends paid, $16,000
f. Depreciation expense, $12,900
g. Preferred stock was issued for $13,600
h. Investments were acquired for $21,000
i. Accounts receivable increased by $4,300
j. Land was sold at cost, $11,000
k. Inventories increased by $15,400
l. Accounts payable increased by $2,700
m. Beginning cash balance, $19,400.
Required
Prepare the statement of cash flows of the Topps Company for 2007.