The comparative balance sheet of Cromme Inc. for December 31, 2016 and 2015, is as follows:

The income statement for the year ended December 31, 2016, is as follows:

Additional data obtained from an examination of the accounts in the ledger for 2016 are as follows:
a. The investments were sold for $280,000 cash.
b. Equipment and land were acquired for cash.
c. There were no disposals of equipment during the year.
d. The common stock was issued for cash.
e. There was a $96,000 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.