The comparative balance sheet of Cromme Inc. for December 31, 2016 and 2015, is shown as follows:

Dec. 31, 2016 Assets SHOW ME HOW Cash ........................................................... $ 625,760 Accounts receivable (net) ........................................ Inventories ..................................................... Investments .................................................... Land ........................................................... Equipment...................................................... Accumulated depreciationequipment .......................... 227,840 641,760 0 328,000 705,120 (166,400) Total assets .................................................. $2,362,080 Liabilities and Stockholders Equity Accounts payable (merchandise creditors) ........................ $ 424,480 Accrued expenses payable (operating expenses) .................. Dividends payable............................................... Common stock, $4 par........................................... Paid-in capital: Excess of issue price over parcommon stock ...... 150,000 417,500 Retained earnings ............................................... 1,303,860 Total liabilities and stockholders equity........................ $2,362,080 42,240 24,000 $ 585,920 208,960 617,120 240,000 0 553,120 (148,000) $2,057,120 $ 404,960 52,640 19,200 100,000 280,000 1,200,320 $2,057,120

Additional data obtained from an examination of the accounts in the ledger for 2016 are as follows:

a. The investments were sold for $280,000 cash.

b. Equipment and land were acquired for cash.

c. There were no disposals of equipment during the year. d. The common stock was issued for cash.

e. There was a $199,540 credit to Retained Earnings for net income.

f. There was a $96,000 debit to Retained Earnings for cash dividends declared.

Instructions Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities.