The comparative balance sheet of Merrick Equipment Co. for December 31, 2016 and 2015, is as follows:

1		Dec. 31, 2016	Dec. 31, 2015
2	Assets
3	Cash	$70,720.00	$47,940.00
4	Accounts receivable (net)	207,230.00	188,190.00
5	Inventories	298,520.00	289,850.00
6	Investments	0.00	102,000.00
7	Land	295,800.00	0.00
8	Equipment	438,600.00	358,020.00
9	Accumulated depreciation-equipment	(99,110.00)	(84,320.00)
10	Total assets	$1,211,760.00	$901,680.00
11	Liabilities and Stockholders Equity
12	Accounts payable (merchandise creditors)	$205,700.00	$194,140.00
13	Accrued expenses payable (operating expenses)	30,600.00	26,860.00
14	Dividends payable	25,500.00	20,400.00
15	Common stock, $1 par	202,000.00	102,000.00
16	Paid-in capital: Excess of issue price over parcommon stock	354,000.00	204,000.00
17	Retained earnings	393,960.00	354,280.00
18	Total liabilities and stockholders equity	$1,211,760.00	$901,680.00

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

A.	Equipment and land were acquired for cash.
B.	There were no disposals of equipment during the year.
C.	The investments were sold for $91,800 cash.
D.	The common stock was issued for cash.
E.	There was a $141,680 credit to Retained Earnings for net income.
F.	There was a $102,000 debit to Retained Earnings for cash dividends declared.

Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Be sure to complete the heading of the statement. In the operating activities section, use the minus sign to indicate cash outflows, decreases in cash and a net cash outflow, if required. In the investing and financing activities section, use a minus sign only to indicate a NET cash outflow for the section.