The comparative balance sheet of Iglesias Inc

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The comparative balance sheet of Iglesias Inc. for December 31, 20Y3 and 20Y2, is shown as follows:

1)Additional data obtained from an examination of the accounts in the ledger for 20Y3 are as follows:

2)The investments were sold for $210,000 cash.

3)Equipment and land were acquired for cash.

4)There were no disposals of equipment during the year.

5)The common stock was issued for cash.

6)There was a $600,000 credit to Retained Earnings for net income.

1. There was a $108,000 debit to Retained Earnings for cash dividends declared.

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• Prepare statement of cash flows, using the indirect method of presenting cash flows from (used for) operating activities.