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

PEARL INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016
		12/31/17			12/31/16
Cash		$6,100			$7,100
Accounts receivable		61,500			51,000
Short-term debt investments (available-for-sale)		34,800			17,900
Inventory		39,800			59,900
Prepaid rent		5,000			4,000
Equipment		155,200			129,900
Accumulated depreciationequipment		(35,200	)		(24,800	)
Copyrights		45,800			49,800
Total assets		$313,000			$294,800
Accounts payable		$45,800			$39,800
Income taxes payable		4,100			6,000
Salaries and wages payable		7,900			3,900
Short-term loans payable		8,000			9,900
Long-term loans payable		60,100			68,900
Common stock, $10 par		100,000			100,000
Contributed capital, common stock		30,000			30,000
Retained earnings		57,100			36,300
Total liabilities & stockholders equity		$313,000			$294,800

PEARL INC. INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2017
Sales revenue				$338,200
Cost of goods sold				174,500
Gross profit				163,700
Operating expenses				120,800
Operating income				42,900
Interest expense		$11,400
Gain on sale of equipment		2,000		9,400
Income before tax				33,500
Income tax expense				6,700
Net income				$26,800

Additional information:

1.		Dividends in the amount of $6,000 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 $20,200 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).)

PEARL INC Statement of Cash Flows