ondensed financial data of Cheng Inc. follow.

CHENG INC. Comparative Balance Sheets December 31
Assets		2020			2019
Cash		$99,000			$47,900
Accounts receivable		92,200			32,700
Inventory		112,900			101,900
Prepaid expenses		30,000			25,300
Investments		139,000			113,800
Equipment		270,500			241,100
Accumulated depreciation-equipment		(46,200	)		(52,000	)
Total		$697,400			$510,700
Liabilities and Stockholders Equity
Accounts payable		$111,300			$67,000
Accrued expenses payable		16,500			17,000
Bonds payable		112,100			149,000
Common stock		220,300			175,400
Retained earnings		237,200			102,300
Total		$697,400			$510,700

CHENG INC. Income Statement For the Year Ended December 31, 2020
Sales revenue				$392,700
Less:
Cost of goods sold		$134,500
Operating expenses, excluding depreciation		11,000
Depreciation expense		37,700
Income tax expense		27,100
Interest expense		4,700
Loss on disposal of plant assets		6,700		221,700
Net income				$171,000

Additional information:

1.		New equipment costing $80,900 was purchased for cash during the year.
2.		Old equipment having an original cost of $51,500 was sold for $1,300 cash.
3.		Bonds matured and were paid off at face value for cash.
4.		A cash dividend of $36,100 was declared and paid during the year.

Further analysis reveals that accounts payable pertain to merchandise creditors. Prepare a statement of cash flows for Cheng Inc. using the direct method.