InnovationsCorporation is preparing its statement of cash flows for the past year. The company has gathered the following information about the past year just ended on December 31.

Innovations Corporation is preparing its statement of cash flows for the past year. The company has gathered the following information about the past year just ended on December 31.

Retire bond payable (long-term). . . . . . . .

$17,000

Decrease in accounts receivable. . . . . . . . . . . . . .

$8,000

Paid dividends in cash. . . . . . . . . . . . . . .

$30,000

Increase in salaries payable. . . . . . . . . . . . . . . . . .

$9,000

Decrease in inventory. . . . . . . . . . . . . . . .

$10,000

Depreciation expense. . . . . . . . . . . . . . . . . . . . . . .

$16,000

Decrease in accounts payable. . . . . . . . .

$11,000

Increase in prepaid insurance. . . . . . . . . . . . . . . . .

$200

Sold land (investment). . . . . . . . . . . . . . .

$18,000

Decrease in other short-term liabilities. . . . . . . . . .

$2,000

Increase in interest payable. . . . . . . . . . .

$700

Increase in taxes payable. . . . . . . . . . . . . . . . . . . .

$4,000

Cash balance, beginning of year. . . . . . .

$90,000

Purchase of new computer system with cash. . . .

$17,000

Net income. . . . . . . . . . . . . . . . . . . . . . . .

$91,000

Prepare the statement one section at a time. ​(Use parentheses or a minus sign for numbers to be subtracted or for a net cash​ outflow.)

	Innovations Corporation
	Statement of Cash Flows (Indirect Method)
	For the Year Ended December 31
	Operating Activities:
	Net income				$91,000
	Adjustments to reconcile net income to cash basis
	Depreciation expense			$16,000
	Decrease in accounts receivable			8,000
	Decrease in inventory			10,000
	Increase in prepaid insurance			(200)
	Decrease in accounts payable			(11,000)
	Decrease in other short-term liabilities			(2,000)
	Increase in salaries payable			9,000
	Increase in interest payable			700
	Increase in taxes payable			4,000	34,500
	Net cash provided by (used for) operating activities				125,500
	Investing Activities:
	Proceeds from sale of land	18,000
	Purchase of new computer system	(17,000)
	Net cash provided by (used for) investing activities		1,000

	Financing Activities:
	Payment of dividends	(30,000)
	Retire bond payable	(17,000)
	Net cash provided by (used for) financing activities		(47,000)
	Net increase (decrease) in cash		79,500
	Cash, beginning of the year		90,000
	Cash, end of the year		$169,500