Condensed financial data follow for Sandhill Ltd. E- Perform reports under ASPE.

Additional information:
1.		New equipment costing $85,900 was purchased for $28,500 cash and a $57,400 note payable.
2.		Equipment with an original cost of $57,100 was sold at a loss of $9,250.
3.		Notes payable matured during the year and were repaid.
4.		A long-term investment was acquired for cash.
5.		Accounts payable relate only to merchandise creditors.
6.		Accrued expenses payable and prepaid expenses relate to operating expenses.

Prepare the operating section of the cash flow statement using the direct method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

SANDHILL LTD. Balance Sheet December 31 Assets 2017 2016 Cash $121,890 $48,900 Accounts receivable 76,900 45,700 Inventory 128,000 92,550 Prepaid expenses 42,500 28,200 Long-term investments 126,800 112,800 Property, plant, and equipment 270,000 241,200 Accumulated depreciation (51,600) (51,000) Total assets $714,490 $518,350 Liabilities and Shareholders' Equity Accounts payable $90,600 $77,000 Accrued expenses payable 10,400 6,200 Notes payable 119,900 137,800 Common shares 252,300 188,800 Retained earnings 241,290 108,550 Total liabilities and shareholders' equity $714,490 $518,350 SANDHILL LTD. Income Statement Year Ended December 31, 2017 Sales $491,500 Cost of goods sold 183,500 Gross profit 308,000 Operating expenses $59,300 Depreciation expense 45,200 Loss on sale of equipment 9,250 113,750 Profit from operations 194,250 Other expenses Interest expense 4,180 Profit before income tax 190,070 Income tax expense 44,700 Profit $145,370 SANDHILL LTD. Cash Flow Statement (Partial)-Direct Method Year Ended December 31, 2017 Operating Activities Cash Receipts from Customers 460,300 $ Cash Payments To Suppliers 205350 X For Operating Expenses 69,400 For Interest 41801 For Income Tax 44,700 323,630 x Net Cash Provided by Investing Activities 136,670