A summary of cash flows for Sarahs Boutique for the year ended December 31, 20Y7, follows:

Cash receipts:

Cash received from customers $182,000

Cash received from additional investment by Gemma 35,000

Cash payments:

Cash paid for operating expenses 135,000

Cash paid for equipment 15,000

Cash paid to Sarah for personal use 40,000

The cash balance as of January 1, 20Y7 was $146,000.

Prepare a statement of cash flows for Gemmas Boutique for the year ended December 31, 20Y7.