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Fred Slezak presented the following comparative balance sheet:
	FRED SLEZAK CORPORATION
	Comparative Balance Sheet
	December 31, 20X5 and 20X4
		Assets		20X5		20X4
		Current assets
		Cash		$ 664,000		$ 9,000
		Accounts receivable		375,000		345,000
		Inventories		150,000		160,000
		Prepaid expenses		35,000		25,000
		Total current assets		$ 1,224,000		$ 539,000
		Property, plant, & equipment
		Land		$ 300,000		$ 400,000
		Building		700,000		700,000
		Equipment		530,000		450,000
				$ 1,530,000		$ 1,550,000
		Less: Accumulated depreciation		(300,000)		(270,000)
		Total property, plant, & equipment		$ 1,230,000		$ 1,280,000
		Total assets		$ 2,454,000		$ 1,819,000
		Liabilities
		Current liabilities
		Accounts payable		$ 112,000		$ 119,000
		Interest payable		2,000		-
		Total current liabilities		$ 114,000		$ 119,000
		Long-term liabilities
		Long-term note payable		80,000		-
		Total liabilities		$ 194,000		$ 119,000
		Stockholders' equity
		Common stock ($1 par)		$ 700,000		$ 600,000
		Paid-in capital in excess of par		800,000		400,000
		Retained earnings		760,000		700,000
		Total stockholders' equity		$ 2,260,000		$ 1,700,000
		Total liabilities and equity		$ 2,454,000		$ 1,819,000
Additional information about transactions and events occurring in 20X5 follows:
	Dividends of $55,000 were declared and paid.
	Accounts payable and accounts receivable relate solely to purchases and sales of inventory. Prepaid items related only to advertising expenses.
	The decrease in land resulted from the sale of a parcel at a $45,000 loss. No land was purchased during the year. Equipment was purchased during the year in exchange for a promissory note payable. No equipment was sold.
	The increase in paid-in capital resulted from issuing additional shares for cash.
	The income statement for the year ending December 31, 20X5, included the following key amounts:
		Sales		$ 2,000,000
		Cost of goods sold		1,200,000
		Salaries expense		400,000
		Advertising expense		150,000
		Depreciation expense		30,000
		Utilities expense		15,000
		Interest expense		5,000
		Loss on sale of land		45,000
		Income tax expense		40,000
		Net income		115,000
Prepare Fred Slezak's statement of cash flows for the year ending 20X5. Use the indirect approach, and include required supplemental information about cash paid for interest and taxes.

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