GolfGear & More, Inc., is a regional and online golf equipment retailer. The company reported the following for the current year:

Purchased a long-term investment for cash, $22,200.

Paid cash dividend, $13,200.

Sold equipment for $12,000 cash (cost, $33,000, accumulated depreciation, $21,000).

Issued shares of no-par stock, 500 shares at $14 per share cash.

Net income was $26,200.

Depreciation expense was $4,200.

Its comparative balance sheet is presented below.

	Balances 12/31/Current Year			Balances 12/31/Prior Year
Cash		23,800			25,300
Accounts receivable		34,000			34,000
Merchandise inventory		82,200			74,000
Investments		22,200			0
Equipment		87,500			120,500
Accumulated depreciation		(16,400	)		(33,200	)
Total		233,300			220,600
Accounts payable	$	15,200		$	23,000
Wages payable		2,700			4,900
Income taxes payable		6,900			4,200
Notes payable		66,000			66,000
Common stock and additional paid-in capital		107,000			100,000
Retained earnings		35,500			22,500
Total	$	233,300		$	220,600

Required:

1. Complete a T-account worksheet.

2. Based on the T-account worksheet, prepare the statement of cash flows for the current year in proper format. (List cash outflows as negative amounts.)