The comparative balance sheets and an income statement for Raceway Corporation follow:

Income Statement:

For the Year Ended December 31, 2014
Sales ........... $480,000
Cost of goods sold ...... (264,000)
Gross profit ........ 216,000

Operating expenses:

Depreciation expense .... (11,400)
Rent expense ......... (7,000)
Salaries expense ...... (95,200)
Other operating expenses ... (76,000)
Net income ........ $ 26,400

Other Information: 

1. Purchased land for $66,000. 

2. Purchased new equipment for $62,000. 

3. Sold old equipment that cost $66,000 with accumulated depreciation of $56,000 for $10,000 cash. 

4. Issued common stock for $30,000.

Required: 

Prepare the statement of cash flows for 2014 using the indirect method.