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:
Safety
The condition of being protected from or unlikely to cause danger, risk, or injury.
Love
A profound and caring affection towards someone or something.
Postpurchase Cognitive Dissonance
The feeling of doubt or anxiety experienced by a consumer after making a significant purchase, often leading to second-guessing the decision.
Expensive
Characterized by high price or considerable cost, typically in relation to the value or perceived value of an item or service.
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