The comparative balance sheet of Posner Company, for 2011 and the preceding year ended December 31, 2010, appears below in condensed form:
Additional data for the current year are as follows:
- Fully depreciated equipment costing $60,000 was scrapped, no salvage, and equipment was purchased for $183,200.
- Bonds payable for $100,000 were retired by payment at their face amount.
- 5,000 shares of common stock were issued at $13 for cash.
- Cash dividends declared and paid, $25,000.
Prepare a statement of cash flows, using the indirect method of reporting cash flows from operating activities.