On the basis of the following data for Breach Co. for the year ended December 31, 2011 and the preceding year, prepare a statement of cash flows using the indirect method of reporting cash flows from operating activities. Use the minus sign to indicate cash outflows, a decrease in cash, or cash payments.

Assume that equipment costing $25,000 was purchased for cash and no long term assets were sold during the period.

Stock was issued for cash - 3,200 shares at par.
Net income for 2011 was $76,000.
Cash dividends declared and paid were $13,000.