The comparative balance sheet of Navaria Inc. for December 31, 20Y3 and 20Y2, is as follows: Dec. 31, 20Y3 Dec. 31, 20Y2 Assets Cash $ 252,890 $ 238,710 Accounts receivable (net) 92,770 85,110 Inventories 261,480 251,420 Investments 0 97,830 Land 134,030 0 Equipment 285,760 225,010 Accumulated depreciation-equipment (68,000) (60,700) Total assets $958,930 $837,380 Liabilities and Stockholders' Equity Accounts payable $ 173,210 $ 164,960 Accrued expenses payable 17,420 21,770 Dividends payable 9,400 7,500 Common stock, $1 par 51,200 39,360 Excess of paid-in capital over par 194,700 113,880 Retained earnings 513,000 489,910 Total liabilities and stockholders equity $958,930 $837,380 The income statement for the year ended December 31, 20Y3, is as follows: Sales $1,601,480 Cost of merchandise sold 984,910 Gross profit $ 616,570 Operating expenses: Depreciation expense $ 7,300 Other operating expenses 522,080 Total operating expenses 529,380 Operating income $ 87,190 Other income: Gain on sale of investments 16,300 Income before income tax $ 103,490 Income ax expense 41,400 Net income $ 62,090 Additional data obtained from an examination of the accounts in the ledger for 20Y3 are as follows: The investments were sold for $114,130 cash. Equipment and land were acquired for cash. There were no disposals of equipment during the year. The common stock was issued for cash. There was a $39,000 debit to Retained Earnings for cash dividends declared. Required: Prepare a statement of cash flows, using the direct method of presenting cash flows from (used for) operating activities. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.