Demers Inc. reported the following data:

Net income	$490,000
Depreciation expense	52,000
Gain on disposal of equipment	26,500
Decrease in accounts receivable	32,400
Decrease in accounts payable	12,350

Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. Use the minus sign to indicate cash outflows, cash payments, decreases in cash and for any adjustments, if required.