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	$626,100.00	$585,190.00
4	Accounts receivable (net)	228,630.00	208,060.00
5	Inventories	641,030.00	617,620.00
6	Investments	0.00	239,830.00
7	Land	328,160.00	0.00
8	Equipment	705,110.00	553,850.00
9	Accumulated depreciation-equipment	(166,840.00)	(147,700.00)
10	Total assets	$2,362,190.00	$2,056,850.00
11	Liabilities and Stockholders Equity
12	Accounts payable	$423,690.00	$404,660.00
13	Accrued expenses payable	42,340.00	53,240.00
14	Dividends payable	23,050.00	18,680.00
15	Common stock, $4 par	156,000.00	93,000.00
16	Excess of paid-in capital over par	417,000.00	279,200.00
17	Retained earnings	1,300,110.00	1,208,070.00
18	Total liabilities and stockholders equity	$2,362,190.00	$2,056,850.00

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

a.	The investments were sold for $279,300 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 $188,740 credit to Retained Earnings for net income.
f.	There was a $96,700 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.

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
3	Adjustments to reconcile net income to net cash flows from operating activities:
4
5
6	Changes in current operating assets and liabilities:
7
8
9
10
11
12	Cash flows from (used for) investing activities:
13
14
15
16
17	Cash flows from (used for) financing activities:
18
19
20
21
22	Cash balance, January 1, 20Y3
23	Cash balance, December 31, 20Y3