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

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.

INSTRUCTIONS

Prepare a statement of cash flows, using the indirect method of presenting cash flows from (used for) operating activities.