Sales, P102,000; Cost of goods sold, P40,000; Wages, P31,800; Purchase of land, P8,000; Increase in accounts receivable, P3,600; Depreciation expense, P4,000; Gain on sale of equipment, P1,400; Issuance of bonds, P16,000 at face value; Increase in accounts payable, P5,200; Patent amortization expense, P2,600; Decrease in inventory, P2,000; Loss on sale of land P1,000; Decrease in wages payable, P600; Declaration and payment of dividend, P6,800.

Net cash flows from operating activities is