The comparative balance sheets and income statements for Gypsy Company follow:

Balance Sheets As of December 31
Year 2 Year 1
Assets Cash $32,500 $16,300
Accounts receivable 4,750 2,800
Inventory 11,200 9,800
Equipment 45,000 52,000
Accumulated depreciation—equipment (17,800) (21,800)
Land 28,000 12,000
Total assets $103,650 $71,100
Liabilities and Equity
Accounts payable (inventory) $3,750 $4,900
Long-term debt 5,800 7,800
Common stock 47,000 25,000
Retained earnings 47,100 33,400
Total liabilities and equity $103,650 $71,100

Income Statement
For the Year Ended December 31, Year 2
Sales revenue $ 61,200
Cost of goods sold (24,500)
Gross margin 36,700
Depreciation expense (12,000)
Operating income 24,700
Gain on sale of equipment 1,500
Loss on disposal of land (100)
Net income $26,100

Additional Data:
1) During Year 2, the company sold equipment for $21,500; it had originally cost $36,000. Accumulated depreciation on this equipment was $16,000 at the time of the sale. Also, the company purchased equipment for $29,000 cash.
2) The company sold land that had cost $6,000. This land was sold for $5,900, resulting in the recognition of a $100 loss. Also, common stock was issued in exchange for title to land that was valued at $22,000 at the time of exchange.
3) Paid dividends of $12,400.

Required:
Prepare a statement of cash flows using the indirect method. (Amounts to be deducted should be indicated with a minus sign.)