IV. Using the following information, determine the amount of cash flows from operating activities using the indirect method: _________________

Net income	$282,000
Gain on the sale of equipment	22,300
Proceeds from the sale of equipment	82,300
Depreciation expense equipment	60,000
Payment of bonds at maturity	200,000
Purchase of land	300,000
Issuance of common stock	400,000
Increase in merchandise inventory	45,400
Decrease in accounts receivable	38,800
Increase in accounts payable	33,700
Payment of cash dividends	42,000