Liabilities and Equity
Accounts payable $ 164,000 $ 103,000
Income taxes payable 26,000 23,000
Common stock, $2 par value 590,000 568,000
Paid-in capital in excess of par value, common stock 197,000 164,000
Retained earnings 84,000 30,000
Total liabilities and equity $ 1,061,000 $ 888,000
For Year Ended December 31, 2013
Sales $ 1,800,000
Cost of goods sold 1,088,000
Gross profit 712,000
Depreciation expense $ 53,000
Other expenses 499,000 552,000
Income before taxes 160,000
Income taxes expense 21,000
Net income $ 139,000
Additional Information on Year 2013 Transactions
a. Purchased equipment for $76,000 cash.
b. Issued 11,000 shares of common stock for $5 cash per share.
c. Declared and paid $85,000 in cash dividends.
Prepare a complete statement of cash flows; report its cash inflows and cash outflows from operating activities according to the indirect method. (Amounts to be deducted should be indicated with a minus sign.)