The comparative balance sheet of Iglesias Inc. for December $31,20$Y$3$ and $20$Y$2,$ is shown as follows:

$1$ Dec. $31,20$Y$3$ Dec. $31,20$Y$2$

$2$ Assets

$3$ Cash $$625,820\mathrm{.}00$ $$586,050\mathrm{.}00$

$4$ Accounts receivable $($net$)227,530\mathrm{.}00209,880\mathrm{.}00$

$5$ Inventories $641,480\mathrm{.}00616,920\mathrm{.}00$

$6$ Investments $0\mathrm{.}00240,910\mathrm{.}00$

$7$ Land $327,510\mathrm{.}000\mathrm{.}00$

$8$ Equipment $704,830\mathrm{.}00554,110\mathrm{.}00$

$9$ Accumulated depreciation$-$equipment $(165,750\mathrm{.}00)(148,570\mathrm{.}00)$

$10$ Total assets $$2,361,420\mathrm{.}00$ $$2,059,300\mathrm{.}00$

$11$ Liabilities and Stockholders$$ Equity

$12$ Accounts payable $$424,970\mathrm{.}00$ $$405,330\mathrm{.}00$

$13$ Accrued expenses payable $42,810\mathrm{.}0051,640\mathrm{.}00$

$14$ Dividends payable $23,200\mathrm{.}0019,840\mathrm{.}00$

$15$ Common stock, $$4$ par $158,000\mathrm{.}0098,000\mathrm{.}00$

$16$ Excess of paid$-$in capital over par $417,900\mathrm{.}00280,700\mathrm{.}00$

$17$ Retained earnings $1,294,540\mathrm{.}001,203,790\mathrm{.}00$

$18$ Total liabilities and stockholders$$ equity $$2,361,420\mathrm{.}00$ $$2,059,300\mathrm{.}00$

Additional data obtained from an examination of the accounts in the ledger for $20$Y$3$ are as follows:

a$.$ The investments were sold for $$280,020$ 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 $$186,520$ credit to Retained Earnings for net income.

f$.$ There was a $$95,770$ debit to Retained Earnings for cash dividends declared.

Required:

Prepare a statement of cash flows, using the indirect method of presenting cash flows from $($used for$)$ operating activities. Be sure to complete the heading of the statement. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Use the minus sign to indicate cash outflows, decreases in cash and a net cash outflow for each section, if required.

Labels

December $31,20$Y$3$

For the Year Ended December $31,20$Y$3$

Amount Descriptions

Cash received from sale of investments

Cash paid for purchase of land

Cash paid for purchase of equipment

Cash received from issuing common stock

Cash dividends

Decrease in accounts payable

Decrease in accounts receivable

Decrease in accrued expenses payable

Decrease in inventories

Depreciation

Gain on sale of investments

Increase in accounts payable

Increase in accounts receivable

Increase in accrued expenses payable

Increase in inventories

Loss on sale of investments

Net increase in cash

Net decrease in cash

Net cash flows from operating activities

Net cash flows used for operating activities

Net cash flows from investing activities

Net cash flows used for investing activities

Net cash flows from financing activities

Net cash flows used for financing activities

Net income

Prepare a statement of cash flows, using the indirect method of presenting cash flows from $($used for$)$ operating activities. Be sure to complete the heading of the statement. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Use the minus sign to indicate cash outflows, decreases in cash and a net cash outflow for each section, if required.

Iglesias Inc.

Statement of Cash Flows

$1$ Cash flows from $($used for$)$ operating activities:

$2$ Net Income $186,520\mathrm{.}00$

$3$ Adjustments to reconcile net income to net cash flows from operating activities:

$4$ Depreciation $17,180\mathrm{.}00$

$5$

$6$ Changes in current operating assets and liabilities:

$7$ Increase In Accounts Receivable

$819,640\mathrm{.}00$

$9(24,560\mathrm{.}00)$

$10$

$11$

$12$ Cash flows from $($used for$)$ investing activities:

$13280,020\mathrm{.}00$

$14$

$15$

$16$

$17$ Cash flows from $($used for$)$ financing activities:

$18197,200000$

$19$

$20$

$21$ Net Increase in Cash $39,770\mathrm{.}00$

$22$ Cash balance, January $1,20$Y$3586,050\mathrm{.}00$

$23$ Cash balance, December $31,20$Y$3625,820\mathrm{.}00$