Using the following information prepare the statement of cash flows for City F corporation ending December 31, 2004

2004 2003

Cash 160,000 40,000

Account rec 230,000. 160,000

inventory 230,780 290,780

Prepaid expense 0 30,000

Account payable 11,600 87,500

Notes payable 35,000 0

Income tax pay 0 54, 600

Additional information

Net Income 56,000

Depreciation expense 36,000

Equipment that cost 37,000 had accumulated depreciation of 35,000 sold at a gain of 20,600.
Purchased equipment 52,000
Patent amortization of 12,000
Purchased a new patent for 1,000
Repaid a note payable 70,000
Signed mortgage for 354,000
Issue a note payable for 75,000
Issued common stock for 200,000
Paid a cash dividend for 28,000