Reference no: EM13513805

The comparative balance sheets for Gould Company as of December 31 are presented below.

GOULD COMPANY
Comparative Balance Sheets
December 31
Assets	2011			2010
Cash	$ 71,290			$ 44,830
Accounts receivable	44,040			62,020
Inventory	151,350			141,860
Prepaid expenses	14,990			21,460
Land	104,900			130,260
Equipment	228,190			154,960
Acc. depr. - equipment	(44,620)			(35,020)
Building	199,840			199,840
Acc. depr. - building	(60,390)			(39,940)
Total	$709,590			$680,270
Liabilities and Stockholders' Equity
Accounts payable	$ 48,140			$ 39,560
Bonds payable	259,810			299,710
Common stock, $1 par	199,800			159,900
Retained earnings	201,840			181,100
Total	$709,590			$680,270

Additional information:

1. Operating expenses include depreciation expense of $41,790 and charges from prepaid expenses of $6,470.

2. Land was sold for cash at book value.

3. Cash dividends of $16,160 were paid.

4. Net income for 2011 was $36,900.

5. Equipment was purchased for $94,560 cash. In addition, equipment costing $21,330 with a book value of $9,590 was sold for $6,230 cash.

6. Bonds were converted at face value by issuing 39,900 shares of $1 par value common stock.

Prepare a statement of cash flows for the year ended December 31, 2011, using the indirect method.