The comparative balance sheet of Flack Inc. for December 31, 2013 and 2012 is shown as follows: (Indirect & Direct Methods)

The comparative balance sheet of Flack Inc. for December 31, 2013 and 2012 is shown as follows:

Assets:

                                                                      Dec 31st, 2013                  Dec 2012

Cash                                                                $234,660                         $219,720

Accounts receivables                                           85,440                              78,360

Inventories                                                         240,660                          231,420

Investements                                                          0                                  90,000

Land                                                                  123,000                                0

Equipment                                                          264,420                           207,420

Accumulated Depreciation-Equipment                   (62,400)                          (55,500)

                                                                           885,780                          771,420

Liabilities and Stockholders’ Equity

Accounts payable (merchandise Creditor)               159,180                          151,860

Accrued expensies payable (operations expenses)      15,840                          19,740

Dividends payable                                                              9,000                          7,200

Common stock $1par                                                        48,000                         36,000

Paid in capital excess of par -common stock             180,000                        105,000

Retained earnings                                                           473,760                 451,620

                                                                                                885,780                       771,420

The following additional information was taken from the records:

1. The investments were sold for $105,000 cash
2. Equipment and land were acquired for cash
3. There were no disposals of equipment during the year
4. Common stock was issued for cash
5. There was a $ 58,140 credit to retained earnings for  net income
6. There was a $ 36,000 debit to retained earnings for cash dividends declared.

Required:

Prepare a statement of cash flows using the INDIRECT and DIRECT methods of presenting cash flows from operating activities