The comparative balance sheet of Nance Company, for the current year and the preceding year ended December 31, appears below:

                                                                                    Current Year            Preceding Year

Cash                                                                              $70,000                     $52,500

Accounts Receivable                                                       83,000                        90,100

Inventories                                                                    204,400                      193,900

Investments                                                                       -0-                           50,000

Equipment                                                                    600,000                      510,000

Accumulated Depreciation-Equipment                         (175,000)                    (190,000)

                                                                                  $782,400                    $706,500

Accounts Payable                                                        $97,250                        77,750

Long-Term Bonds Payable                                               -0-                         100,000

Common Stock, $20 par value                                    450,000                      400,000

Paid-in Capital in Excess of Par Value                           70,000                        50,000

Retained Earnings                                                       165,150                        78,750

                                                                                 $782,400                    $706,500

Additional data for the current year are as follows:

1. Net income is equal to $146,400.

2. Depreciation reported on the income statement is $35,000.

3. Equipment was purchased for $140,000 cash.

4. Long-Term bonds payable were paid in cash at their face amount.

5. 2,500 shares of common stock were issued at $28 per share for cash.

6. Cash dividends of $60,000 were paid in cash.

7. Investments with a cost of $50,000 were sold for $75,000 cash.

Required: Prepare a statement of cash flows using the indirect method.