The comparative balance sheet of Beets Industries, Inc. at December 31, 2013 and 2012, is as follows:

The comparative balance sheet of Beets Industries, Inc. at December 31, 2013 and 2012, is as follows:

       and  so on................................

An examination of the income statement and the accounting records revealed the following additional information applicable to 2013:

a.  Net income, $441,960.

b.  Depreciation expense reported on the income statement: buildings, $44,280; machinery and equipment, $19,440.

c.  Patent amortization reported on the income statement, $12,000.

d.  A building was constructed for $496,800.

e.  A mortgage note for $192,000 was issued for cash.

f.   28,000 shares of common stock were issued at $12 in exchange for the bonds payable.

g.  Cash dividends declared, $112,320.

Required:

Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities.