Grouper Company, a major retailer of bicycles and accessories, operates several stores and is a publicly traded company. The comparative balance sheet and income statement for Grouper as of May 31, 2017, are as follows. The company is preparing its statement of cash flows.

GROUPER COMPANY COMPARATIVE BALANCE SHEET AS OF MAY 31
		2017		2016
Current assets
Cash		$28,200		$19,800
Accounts receivable		74,500		58,200
Inventory		221,300		251,900
Prepaid expenses		9,100		7,100
Total current assets		333,100		337,000
Plant assets
Plant assets		594,300		499,200
Less: Accumulated depreciationplant assets		151,500		124,500
Net plant assets		442,800		374,700
Total assets		$775,900		$711,700
Current liabilities
Accounts payable		$122,300		$116,200
Salaries and wages payable		47,400		72,500
Interest payable		27,200		24,900
Total current liabilities		196,900		213,600
Long-term debt
Bonds payable		70,000		100,000
Total liabilities		266,900		313,600
Stockholders equity
Common stock, $10 par		370,000		280,000
Retained earnings		139,000		118,100
Total stockholders equity		509,000		398,100
Total liabilities and stockholders equity		$775,900		$711,700

GROUPER COMPANY INCOME STATEMENT FOR THE YEAR ENDED MAY 31, 2017
Sales revenue		$1,264,700
Cost of goods sold		726,300
Gross profit		538,400
Expenses
Salaries and wages expense		252,400
Interest expense		74,500
Depreciation expense		27,000
Other expenses		8,100
Total expenses		362,000
Operating income		176,400
Income tax expense		43,200
Net income		$133,200

The following is additional information concerning Groupers transactions during the year ended May 31, 2017.

1.		All sales during the year were made on account.
2.		All merchandise was purchased on account, comprising the total accounts payable account.
3.		Plant assets costing $95,100 were purchased by paying $25,100 in cash and issuing 7,000 shares of stock.
4.		The other expenses are related to prepaid items.
5.		All income taxes incurred during the year were paid during the year.
6.		In order to supplement its cash, Grouper issued 2,000 shares of common stock at par value.
7.		Cash dividends of $112,300 were declared and paid at the end of the fiscal year. Using the indirect method, calculate only the net cash flow from operating activities for Grouper Company for the year ended May 31, 2017.