On the basis of the following data for Garrett Co. for Years 1 and 2 ended December 31, prepare a statement of cash flows using the indirect method of reporting cash flows from operating activities. Assume that equipment costing $125,000 was purchased for cash and equipment costing $85,000 with accumulated depreciation of $65,000 was sold for $15,000; that the stock was issued for cash; and that the only entries in the retained earnings account were for net income of $56,000 and cash dividends declared of $18,000. 
Definitions:
Shopping Product
Item typically purchased only after the buyer has compared competing products in competing stores.
Old Mattress
A used mattress that has surpassed its optimum period of use, often leading to discomfort or potential health risks from degraded materials or accumulated allergens.
Soft-Foam Mattress
A type of mattress made from pliable foam materials designed to offer support and comfort by conforming to the body's shape.
Consumer
An individual or group who purchases goods or services for personal use and not for manufacture or resale.
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