The comparative balance sheet of Posner Company, for 2011 and the preceding year ended December 31, 2010, appears below in condensed
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Year Year 2011 2010 Cash $ 53,000 $ 50,000 Accounts receivable (net) 37,000 48,000 Inventories 108,500 100,000 Investments ..... 70,000
Equipment 573,200 450,000 Accumulated depreciation-equipment (142,000) (176,000) $629,700 $542
expenses 68,000 94,000 Income from operations $191 scrapped, no salvage, and equipment was purchased for $183,200. (b) Bonds payable
for $100,000 were retired by payment at their face amount. (c) 5,000 shares of common stock were issued at $13 for cash. (d) Cash dividends declared and paid,
$25,000.
Prepare a statement of cash flows, using the indirect method of reporting cash flows from operating activities.

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