Flagship Company has the following information collected in order to prepare a cash flow statement and uses the indirect method for Cash Flow from Operations. The annual report year end is December 31, 2014.

Noncontrolling Interest Dividends Paid $17,000

Undistributed Income of Equity Investees 7,000

Depreciation Expense 80,000

Controlling Interest Share of Consolidated Net Income 325,000

Increase in Accounts Payable 26,000

Amortization of Patent 10,000

Decrease in Accounts Receivable 57,000

Increase in Inventories 72,000

Gain on sale of equipment 45,000

Noncontrolling Interest Share 27,000

Required: Prepare the Cash Flow for Operations part of the cash flow statement for Flagship for the year ended December 31, 2014.