Financial statements for Rowe Publishing Company are presented below.
Rowe Publishing Company
Balance Sheets
December 31, 2019 and 2018

Rowe Publishing Company
Income Statement
For the year ended
December 31, 2019

Additional Information:
1. No buildings or equipment were sold during 2019. Equipment was purchased for $25,000 cash.
2. Notes payable in the amount of $35,000 were repaid during 2019.
3. Bonds payable of $50,000 were issued for cash during 2019.
4. Rowe Publishing declared and paid dividends of $35,000 during 2019.
Required:
Prepare a statement of cash flows for 2019, using the direct method to determine net cash flow from operating activities?