Question

STATEMENT OF CASHFLOWS

A comparative balance sheet for the Last Corporation ispresented below:

Last Corporation
Balance Sheet
December 31, 2014
	2014	2013
Assets
Cash	$53,140	$33,000
Accounts Receivable	19,000	22,000
Inventory	20,000	12,000
Total Current Assets	$92,140	$67,000
Land	$55,000	$60,000
Equipment	160,000	140,000
Less Accumulated Depreciation	(60,500)	(50,000)
Total Non-current Assets	$154,500	$150,000
Total Assets	$246,640	$217,000
Liabilities
Accounts Payable	$31,000	$25,000
Current Portion of Bank Loan	18,000	22,000
Total Current Liabilities	$49,000	$47,000
Non-Current portion of Bank Loan	70,000	65,000
Total Liabilities	$119,000	$112,000
Shareholders' Equity
Common Shares	$80,000	$70,000
Retained Earnings	47,640	35,000
Total Shareholders' Equity	$127,640	$105,000
Total Liabilities and Shareholders' Equity	$246,640	$217,000

Additional information

Net income for the year is $34,730.

There was no purchase of land, or a gain/loss on sale ofland.

There were no sales of equipment.

Cash dividends were paid during the year.

REQUIRED:
Prepare the cash flow statement for December 31, 2014 using theindirect method.