Shown below are comparative balance sheets for Schmitt Company. SCHMITT COMPANY Comparative Balance Sheets December 31 Assets 2014 2013 Cash $ 104,720 $ 33,880 Accounts receivable 135,520 117,040 Inventory 257,180 291,060 Land 123,200 154,000 Equipment 400,400 308,000 Accumulated depreciation—equipment (101,640 ) (49,280 ) Total $919,380 $854,700 Liabilities and Stockholders’ Equity Accounts payable $ 60,060 $ 66,220 Bonds payable 231,000 308,000 Common stock ($1 par) 332,640 267,960 Retained earnings 295,680 212,520 Total $919,380 $854,700 Additional information: 1. Net income for 2014 was $143,220. 2. Depreciation expense was $52,360. 3. Cash dividends of $60,060 were declared and paid. 4. Bonds payable amounting to $77,000 were redeemed for cash $77,000. 5. Common stock was issued for $64,680 cash. 6. No equipment was sold during 2014. 7. Land was sold for its book value. Prepare a statement of cash flows for 2014 using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000, or in parenthesis e.g. (15,000)).