Problem 23-1 the following are sullivan corp.’s comparative balance sheet accounts at december 31, 2014 and 2013, with a column showing the increase (decrease) from 2013 to 2014. comparative balance sheets 2014 2013 increase (decrease) cash $815,000 $700,000 $115,000 accounts receivable 1,128,000 1,168,000 (40,000 ) inventory 1,850,000 1,715,000 135,000 property, plant, and equipment 3,307,000 2,967,000 340,000 accumulated depreciation (1,165,000 ) (1,040,000 ) (125,000 ) investment in myers co. 310,000 275,000 35,000 loan receivable 250,000 — 250,000 total assets $6,495,000 $5,785,000 $710,000 accounts payable $1,015,000 $955,000 $60,000 income taxes payable 30,000 50,000 (20,000 ) dividends payable 80,000 100,000 (20,000 ) lease liabililty 400,000 — 400,000 common stock, $1 par 500,000 500,000 — paid-in capital in excess of par—common stock 1,500,000 1,500,000 — retained earnings 2,970,000 2,680,000 290,000 total liabilities and stockholders’ equity $6,495,000 $5,785,000 $710,000 additional information: 1. on december 31, 2013, sullivan acquired 25% of myers co.’s common stock for $275,000. on that date, the carrying value of myers’s assets and liabilities, which approximated their fair values, was $1,100,000. myers reported income of $140,000 for the year ended december 31, 2014. no dividend was paid on myers’s common stock during the year. 2. during 2014, sullivan loaned $300,000 to tlc co., an unrelated company. tlc made the first semiannual principal repayment of $50,000, plus interest at 10%, on december 31, 2014. 3. on january 2, 2014, sullivan sold equipment costing $60,000, with a carrying amount of $38,000, for $40,000 cash. 4. on december 31, 2014, sullivan entered into a capital lease for an office building. the present value of the annual rental payments is $400,000, which equals the fair value of the building. sullivan made the first rental payment of $60,000 when due on january 2, 2015. 5. net income for 2014 was $370,000. 6. sullivan declared and paid cash dividends for 2014 and 2013 as shown below. 2014 2013 declared december 15, 2014 december 15, 2013 paid february 28, 2015 february 28, 2014 amount $80,000 $100,000 prepare a statement of cash flows for sullivan corp. for the year ended december 31, 2014, using the indirect method.