he comparative balance sheet of Navaria Inc. for December 31, 20Y3 and 20Y2, is as follows:

	Dec. 31, 20Y3			Dec. 31, 20Y2
Assets
Cash	$ 256,270			$ 240,240
Accounts receivable (net)	93,370			85,660
Inventories	263,160			253,040
Investments	0			98,460
Land	134,890			0
Equipment	287,600			226,460
Accumulated depreciation-equipment	(68,300)			(61,000)
Total assets	$966,990			$842,860
Liabilities and Stockholders' Equity
Accounts payable	$ 174,340			$ 166,040
Accrued expenses payable	17,530			21,910
Dividends payable	9,500			7,600
Common stock, $1 par	51,500			39,610
Excess of paid-in capital over par	196,000			114,630
Retained earnings	518,120			493,070
Total liabilities and stockholders equity	$966,990			$842,860

The income statement for the year ended December 31, 20Y3, is as follows:

Sales		$1,655,110
Cost of merchandise sold		1,017,890
Gross profit		$ 637,220
Operating expenses:
Depreciation expense	$ 7,300
Other operating expenses	539,570
Total operating expenses		546,870
Operating income		$ 90,350
Other income:
Gain on sale of investments		16,400
Income before income tax		$ 106,750
Income tax expense		42,700
Net income		$ 64,050

Additional data obtained from an examination of the accounts in the ledger for 20Y3 are as follows:

1. The investments were sold for $114,860 cash.
2. Equipment and land were acquired for cash.
3. There were no disposals of equipment during the year.
4. The common stock was issued for cash.
5. There was a $39,000 debit to Retained Earnings for cash dividends declared.

Required:

Prepare a statement of cash flows, using the direct method of presenting cash flows from (used for) operating activities. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.