The following information is taken from French Corporation's financial statements:
December 31
2011/ 2010
Cash $90,000 $ 27,000
Accounts Receivable 92,000 80,000
Allowance for Doubtful Accounts ( 4,500)
( 3,100)
Inventory 155,000
175,000
Prepaid Expenses 7,500
6,800
Land 90,000
60,000
Buildings 287,000
244,000
Accumulated Depreciation ( 32,000)
(13,000)
Patents 20,000
35,000
Total Assets $705,000
$611,700
Accounts Payable $ 90,000
$ 84,000
Accrued Liabilities 54,000
63,000
Bonds Payable 125,000
60,000
Common Stock 100,000
100,000
Retained Earnings - Appropriated 80,000
100,000
Retained Earnings - Unappropriated 271,000
212,700
Treasury Stock, at cost (15,000)
( 8,000)
Total Liabilities and Equity $705,000
$611,700
For 2011 Year
Net Income $58,300
Depreciation Expense 19,000
Amortization of Patents 5,000
Cash dividends declared and paid 20,000
Gain or Loss on Sale of Patents none
Instructions
Prepare a statement of cash flows for French Corporation for the year 2011. (Use the indirect method.)