Problem 6-32 (Static) (LO 6-5) Alford Company and its 80 percent-owned subsidiary, Knight, have the following income statements for 2024: Accounts Revenues Cost of goods sold Depreciation and amortization Other expenses Alford $ (500,000) 300,000 Knight $ (230,000) 140,000 40,000 Gain on sale of equipment 20,000 (30,000) 10,000 20,000 Equity in earnings of Knight (36,200) 0 0 Net income $ (206,200) $ (60,000) Additional Information for 2024 Intra-entity inventory transfers during the year amounted to $90,000. All intra-entity transfers were downstream from Alford to Knight. Intra-entity gross profits in inventory at January 1 were $6,000, but at December 31, they are $9,000. Annual excess amortization expense resulting from the acquisition is $11,000. Knight paid dividends totaling $20,000. The noncontrolling interest's share of the subsidiary's income is $9,800. During the year, consolidated inventory rose by $11,000 while accounts receivable and accounts payable declined by $8,000 and $6,000, respectively. Required: Using either the direct or indirect method, compute net cash flows from operating activities during the period for the business combination.