Alegre Retail Corporation's most recent comparative Balance Sheet is as follows:
|
Ending
|
Beginning
|
|
Assets
|
|
|
|
Cash
|
$ 7,000
|
$ 12,000
|
|
Accounts receivable, net
|
11,000
|
2,000
|
|
Merchandise inventory
|
39,000
|
24,000
|
|
Long-term investments
|
23,000
|
9,000
|
|
Equipment
|
83,000
|
100,000
|
|
Accumulated depreciation
|
(66,000)
|
(62,000)
|
|
Total assets
|
$97,000
|
$85,000
|
Liabilities and Stockholders' Equity
|
Accounts payable
|
$ 9,000
|
$28,000
|
|
Taxes payable
|
1,000
|
2,000
|
|
Notes payable
|
16,000
|
10,000
|
|
Common stock
|
42,000
|
30,000
|
|
Retained earnings
|
29,000
|
15,000
|
|
Total liabilities and stockholders' equity
|
$97,000
|
$85,000
|
Alegre's net income was $34,000. No direct exchange transactions occurred at Alegre during the year. No equipment was purchased. There was a gain of $3,000 when equipment was sold. The accumulated depreciation on the equipment sold was $12,000. Cash dividends of $20,000 were declaredand paid during the year. Alegre uses the indirect method to prepare its statement of cash flows.
Required:
Prepare Alegre's statement of cash flows.