Dec. 31, 20Y8		Dec. 31, 20Y7
Assets
Cash		$53,020		$65,110
Accounts receivable (net)		81,470		87,770
Inventories		116,380		108,780
Prepaid expenses		4,740		3,300
Equipment		237,070		194,910
Accumulated depreciation-equipment		(61,640)		(47,800)
	Total assets	$431,040		$412,070
Liabilities and Stockholders' Equity
Accounts payable (merchandise creditors)		$90,520		$86,120
Mortgage note payable		0		123,620
Common stock, $1 par		14,000		9,000
Paid-in capital in excess of par-common stock		211,000		116,000
Retained earnings		115,520		77,330
	Total liabilities and stockholders equity	$431,040		$412,070

Additional data obtained from the income statement and from an examination of the accounts in the ledger for 20Y8 are as follows:

1. Net income, $97,770.
2. Depreciation reported on the income statement, $30,020.
3. Equipment was purchased at a cost of $58,340 and fully depreciated equipment costing $16,180 was discarded, with no salvage realized.
4. The mortgage note payable was not due for six years, but the terms permitted earlier payment without penalty.
5. 5,000 shares of common stock were issued at $20 for cash.
6. Cash dividends declared and paid, $59,580.

Required:

Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.