Dec. 31, 20Y8		Dec. 31, 20Y7
Assets
Cash		$56,300		$68,850
Accounts receivable (net)		86,510		92,820
Inventories		123,590		115,040
Prepaid expenses		5,040		3,490
Equipment		251,760		206,120
Accumulated depreciation-equipment		(65,460)		(50,550)
	Total assets	$457,740		$435,770
Liabilities and Stockholders' Equity
Accounts payable (merchandise creditors)		$96,130		$91,080
Mortgage note payable		0		130,730
Common stock, $1 par		14,000		9,000
Paid-in capital: Excess of issue price over par-common stock		208,000		123,000
Retained earnings		139,610		81,960
	Total liabilities and stockholders equity	$457,740		$435,770

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

Net income, $147,580.

Depreciation reported on the income statement, $32,020.

Equipment was purchased at a cost of $62,750, and fully depreciated equipment costing $17,110 was discarded, with no salvage realized.

The mortgage note payable was not due for six years, but the terms permitted earlier payment without penalty.

5,000 shares of common stock were issued at $18 for cash.

Cash dividends declared and paid, $89,930.

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 out flows, cash payments, decreases in cash, or any negative adjustments.