Gold Company's comparative balance sheet and income statement for last year appear below:

	Statement of Financial Position
		Ending	Beginning
		Balance	Balance
	Cash	$ 70,000	$ 38,000
	Accounts receivable	76,000	52,000
	Inventory	24,000	42,000
	Prepaid expenses	8,000	16,000
	Long-term investments	260,000	210,000
	Plant and equipment	530,000	510,000
	Accumulated depreciation	( 398,000)	( 350,000)
	Total assets	$570,000	$518,000
	Accounts payable	$ 32,000	$ 54,000
	Accrued liabilities	34,000	25,000
	Taxes payable	4,000	11,000
	Bonds payable	160,000	200,000
	Deferred taxes	38,000	25,000
	Common stock	150,000	120,000
	Retained earnings	152,000	83,000
	Total liabilities and owners equity	$570,000	$518,000

	Income Statement
	Sales	$610,000
	Cost of goods sold	310,000
	Gross margin	300,000
	Selling and administrative expense	190,000
	Net operating income	110,000
	Income taxes	33,000
	Net income	$ 77,000

The company declared and paid $8,000 in cash dividends during the year.

Required:

Construct in good form the operating activities section of the company's statement of cash flows for the year using the direct method.