Monty Inc., a greeting card company, had the following statements prepared as of December 31, 2017.

MONTY INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016

12/31/17 12/32/16

Cash $6,000 $7,000

Accounts receivable 61,800 50,700

Short-term debt investments (available-for-sale) 35,300 17,900

Inventory 39,800 59,400

Prepaid rent 4,900 4,000

Equipment 153,100 130,500

Accumulated depreciationequipment (35,000) (24,700)

Copyrights 45,900 50,500

Total assets $311,800 $295,300

Accounts payable $46,000 $39,700

Income taxes payable 4,000 5,900

Salaries and wages payable 8,100 4,100

Short-term loans payable 8,100 10,100

Long-term loans payable 59,900 68,600

Common stock, $10 par 100,000 100,000

Contributed capital, common stock 30,000 30,000

Retained earnings 55,700 36,900

Total liabilities & stockholders equity $311,800 $295,300

MONTY INC. INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2017

Sales revenue $333,125

Cost of goods sold 173,600

Gross profit 159,525

Operating expenses 118,900

Operating income 40,625

Interest expense $11,500

Gain on sale of equipment 2,000 9,500

Income before tax 31,125

Income tax expense 6,225

Net income $24,900

Additional information:

1.		Dividends in the amount of $6,100 were declared and paid during 2017.
2.		Depreciation expense and amortization expense are included in operating expenses.
3.		No unrealized gains or losses have occurred on the investments during the year.
4.		Equipment that had a cost of $19,800 and was 70% depreciated was sold during 2017.

Prepare a statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)