ACCTG 471-Below is comparative balance sheet information for C.D.

Problem 2. Below is comparative balance sheet information for C.D. Schmuck Industries (in $000’s) at December 31: 2014 2013AssetsCash $ 7,350 $ 2,200Accounts Receivable 2,500 2,200Inventory 4,000 3,000Prepaid Rent 150 300Plant and Equipment 14,500 12,000Accumulated Depreciation (5,100) (4,500) Total Assets $ 23,400 $15,200Liabilities and EquityAccounts Payable $ 1,400 $ 1,100Interest Payable 100 0Unearned Income 800 600Income Taxes Payable 550 800Note Payable 5,000 0Common Stock 10,000 10,000Retained Earnings 5,550 2,700 Total Liabilities and Equity $23,400 $15,200The income statement information for C.D. Schmuck Industries (in $000’s) for the year ended December 31, 2014 is listed below:Sales $ 17,650Cost of Goods Sold $ 7,200Selling and Administrative Expenses 4,100Operating Income 6,350Income Tax Expense 2,500Net Income $ 3,850Also note:1. Depreciation of $1,600 is included in administrative expenses.2. Equipment costing $ 4,000 was acquired for cash and other equipment with a book value of $500 was sold for $500.3. Cash dividends of $1,000 were paid.Required:Prepare in good form a cash flow statement for the year ended December 31, 2014 utilizing the indirect method.