Net Cash Flow From Operating Activities

Verna Company's records provided the following information for 2016:

Decrease in accounts payable, $4,300

Loss on sale of land, $1,400

Increase in inventory, $7,100

Increase in income taxes payable, $2,800

Net income, $67,400

Patent amortization expense, $1,800

Ordinary loss, $6,400

Decrease in deferred taxes payable, $2,500

Amortization of discount on bonds payable, $1,100

Payment of cash dividends, $22,000

Depletion expense, $5,000

Decrease in salaries payable, $1,200

Decrease in accounts receivable, $3,900

Gain on sale of equipment, $6,700

Proceeds from issuance of stock, $56,000

Ordinary gain, $3,300

Depreciation expense, $18,000

Amortization of discount on investment in bonds, $1,900

Required

Prepare the operating activities section of Verna's 2016 statement of cash flows using the indirect method. Use a minus sign to indicate cash outflows or decreases in cash.