Refer to the information presented in PA-33.

Data from PA-33

• VHL reported income before income taxes of $400,000. Current income tax expense was $40,000; deferred income tax expense was $10,000.
• Retained earnings increased $340,000 for the year; the dividends payable account increased $5,000.
• Current income taxes payable decreased $4,000; deferred income taxes payable increased $6,000.
• Interest expense for the year was $20,000; the interest payable account increased $12,000.
• Accounts receivable decreased $18,000 and accounts payable increased $40,000 during the year.
• Inventory increased $14,000.
• VHL sold equipment with a net book value of $40,000 for $42,000 cash.
• VHL sold at fair value through other comprehensive income investments for $12,000. The book value of the investment was $15,000.
• Depreciation expense for the year totalled $22,000.
• VHL recorded a goodwill impairment loss of $15,000.
• Acquired $200,000 in equipment by way of a $20,000 cash down payment and a $180,000 finance lease.

Required:
Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method assuming that Valley Hospitality Ltd.’s policy is to report interest and dividends received as an investing activity and interest and dividends paid as a financing activity.