Headland 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 Headland as of May 31, 2020, are as follows. The company is preparing its statement of cash flows.

HEADLAND COMPANY COMPARATIVE BALANCE SHEET AS OF MAY 31
		2020		2019
Current assets
Cash		$28,600		$20,000
Accounts receivable		74,800		57,600
Inventory		221,600		249,400
Prepaid expenses		8,900		6,900
Total current assets		333,900		333,900
Plant assets
Plant assets		601,200		502,500
Less: Accumulated depreciationplant assets		149,700		125,900
Net plant assets		451,500		376,600
Total assets		$785,400		$710,500
Current liabilities
Accounts payable		$123,700		$115,600
Salaries and wages payable		46,800		71,500
Interest payable		27,000		25,000
Total current liabilities		197,500		212,100
Long-term debt
Bonds payable		70,000		100,000
Total liabilities		267,500		312,100
Stockholders equity
Common stock, $10 par		370,000		280,000
Retained earnings		147,900		118,400
Total stockholders equity		517,900		398,400
Total liabilities and stockholders equity		$785,400		$710,500

HEADLAND COMPANY INCOME STATEMENT FOR THE YEAR ENDED MAY 31, 2020
Sales revenue		$1,242,700
Cost of goods sold		720,000
Gross profit		522,700
Expenses
Salaries and wages expense		252,800
Interest expense		75,600
Depreciation expense		23,800
Other expenses		8,200
Total expenses		360,400
Operating income		162,300
Income tax expense		42,900
Net income		$119,400

The following is additional information concerning Headlands transactions during the year ended May 31, 2020.

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 $98,700 were purchased by paying $28,700 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, Headland issued 2,000 shares of common stock at par value.
7.		Cash dividends of $89,900 were declared and paid at the end of the fiscal year.

Prepare a statement of cash flows for Headland Company for the year ended May 31, 2020, using the direct method. (A reconciliation of net income to net cash provided is not required.) (Show amounts in the investing and financing sections that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)