Lindsey Herrmann has completed the basic format to be used in preparing the statement of cash flows (indirect method) for Longhorm Consultants.
Listed below in random order are line items to be included in the statement of cash flows.

Purchase of equipment $224,000
Increase in inventory 26,000
Increase in prepaid rent 5,500
Payment of dividends. 35,000
Depreciation expense 20,000
Increase in accounts receivable 46,000
Increase in accounts payable 20,000
Loss on sale of land 14,500
Net income 67,000
Repayment of notes payable 43,000
Cash received from the sale of land 4,000
Issuance of common stock 241,000

Prepare the statement of cash flows for Longhorn Consultants using the indirect method.