The comparative balance sheet of XYZ Corporation for the most recent two years i

The comparative balance sheet of XYZ Corporation for the most recent two years is as follows:
12/31/Y2 12/31/Y1
Assets
Cash $183,000 $ 14,000
Accounts receivable 55,000 49,000
Inventories 117,000 99,000
Land 250,000 330,000
Equipment 205,000 175,000
Accumulated depreciation-equipment (68,000) (42,000)
Total assets $742,000 $625,000
Liabilities and Stockholders’ Equity
Accounts payable $ 51,000 $ 37,000
Dividends payable 5,000 —
Common stock, $1 par 125,000 80,000
Paid-in capital: Excess over par-common stock 85,000 70,000
Retained earnings 476,000 438,000
Total liabilities and stockholders’ equity $742,000 $625,000
The following information is taken from company records:
Land was sold for $120,000.
Equipment was acquired for cash.
There were no disposals of equipment during the year.
The common stock was issued for cash.
There was a $62,000 credit to retained earnings for net income.
There was a $24,000 debit to retained earnings for cash dividends declared.
Prepare a statement of cash flows using the indirect method in the worksheet provided. Do not use a different worksheet.