Looney Inc. was organized on July 1, Year 1. A summary of cash flows for July follows.

Cash receipts: 

Cash received from customers ...........$600,000

Cash received from sale of capital stock ....... 200,000

Cash received from note payable ......... 75,000

Cash payments: 

Cash paid out for expenses ............$380,000

Cash paid out for purchase of equipment ...... 95,000

Cash paid as dividends ............. 25,000

Prepare a statement of cash flows for the month ended July 31, Year 1.