The statement of financial position of TorMax Technology Inc. at December 31, 2015 and 2014, is as follows:

An examination of the statement of income and the accounting records revealed the following additional information applicable to 2015:
a. Net income, $184,150.
b. Depreciation expense reported on the statement of income: buildings, $18,450; machinery and equipment, $8,100.
c. Patent amortization reported on the income statement, $5,000.
d. A building was constructed for $207,000.
e. A mortgage note for $80,000 was issued for cash. There is no current portion.
f. 5,000 common shares were issued at $28 per share in exchange for the bonds payable.
g. Cash dividends declared, $46,800.
Instructions
Prepare a statement of cash flows using the indirect method of presenting cash flows from operating activities.