The comparative balance sheet of Iglesias Inc. for December 31, 20Y3 and 20Y2, is shown as follows:

1		Dec. 31, 20Y3	Dec. 31, 20Y2
2	Assets
3	Cash	$186,000.00	$180,000.00
4	Accounts receivable (net)	540,000.00	480,000.00
5	Inventories	924,000.00	900,000.00
6	Investments	0.00	120,000.00
7	Land	600,000.00	0.00
8	Equipment	1,680,000.00	1,440,000.00
9	Accumulated depreciation-equipment	(720,000.00)	(600,000.00)
10	Total assets	$3,210,000.00	$2,520,000.00
11	Liabilities and Stockholders Equity
12	Accounts payable	$408,000.00	$360,000.00
13	Accrued expenses payable	54,000.00	60,000.00
14	Dividends payable	36,000.00	30,000.00
15	Common stock, $4 par	840,000.00	720,000.00
16	Excess of paid-in capital over par	240,000.00	210,000.00
17	Retained earnings	1,632,000.00	1,140,000.00
18	Total liabilities and stockholders equity	$3,210,000.00	$2,520,000.00

Additional data obtained from an examination of the accounts in the ledger for 20Y3 are as follows:

a.	The investments were sold for $210,000 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 $600,000 credit to Retained Earnings for net income.
f.	There was a $108,000 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, 20Y3
For the Year Ended December 31, 20Y3
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