An income statement for Hamilton Corporation follows:

Revenues from sales of products $ $360,000$

Cost of goods sold:

Beginning inventory $ $48,000$

Purchases $228,000$

Ending inventory $(168,000)(108,000)$

Depreciation expense $(54,000)$

Gain on retirement of bonds $60,000$

Salary expense $(42,000)$

Insurance expense $(6,000)$

Income tax expense $(36,000)$

Net income $ $174,000$

Additional Information:

Decrease in accounts receivable, $$36,000.$

The prepaid insurance account increased by $$4,800$ during the year.

Included in salary expenses are salaries of $$9,600$ accrued at the end of the year; no salaries were unpaid at the beginning of the year.

The bonds payable had a book value of $$240,000$ at the date of retirement.

Increase in accounts payable, $$21,000.$

Required:

Prepare a schedule showing the net cash flows generated by the operating activities of Hamilton Corporation. Use the direct method.