The statement of financial position of Maxim Tech. Inc. for December 31, 2015 and 2014, as presented in Problem 16-1A, is as follows:

The statement of income for the year ended December 31, 2015, is as follows:

The following additional information was taken from the records:
a. The investments were sold for $135,000 cash.
b. Equipment and land were acquired for cash.
c. There were no disposals of equipment during the year.
d. The common shares were issued for cash.
e. There was a $51,000 debit to Retained Earnings for cash dividends declared.
Instructions
Prepare a statement of cash flows using the direct method of presenting cash flows from operating activities.