Carlson, Inc._Statement of Cash Flows

 Accountants for Carlson, Inc. have assembled the following data for the year ended

December 31, 2016:

                                                                                2016                       2015

Current Assets:

Cash                                                               $89,200                        $18,000

Accounts Receivable                             64,600                         68,800

Merchandise Inventory                       85,000                            77,000

Current Liabilities:

Accounts Payable                                  $57,500                           $55,400

Income Tax Payable                             14,700                              16,200

Transaction Data for 2016:

Issuance of common stock for cash         $  38,000              

Payment of notes payable:         $ 51,100

Depreciation expense:  21,000  

Payment of cash dividends:        46,000

Purchase of equipment with cash:           73,000  

Issuance of notes payable to borrow cash:           61,000

Acquisition of land by issuing long-term notes payable:  122,000

Gain on sale of building: 2,000

Book value of building sold:         55,000

Net income:       69,500

 Prepare Carlson’s statement of cash flows using the indirect method. Include an accompanying schedule of non-cash investing and financing activities.