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

1		Dec. 31, 20Y3	Dec. 31, 20Y2
2	Assets
3	Cash	$625,680.00	$586,230.00
4	Accounts receivable (net)	228,100.00	208,850.00
5	Inventories	640,910.00	617,650.00
6	Investments	0.00	240,620.00
7	Land	328,090.00	0.00
8	Equipment	704,540.00	553,320.00
9	Accumulated depreciation-equipment	(166,310.00)	(147,840.00)
10	Total assets	$2,361,010.00	$2,058,830.00
11	Liabilities and Stockholders Equity
12	Accounts payable	$425,280.00	$404,550.00
13	Accrued expenses payable	41,990.00	52,020.00
14	Dividends payable	24,190.00	20,170.00
15	Common stock, $4 par	150,000.00	100,000.00
16	Paid-in capital: Excess of issue price over parcommon stock	417,500.00	280,000.00
17	Retained earnings	1,302,050.00	1,202,090.00
18	Total liabilities and stockholders equity	$2,361,010.00	$2,058,830.00

The income statement for the year ended December 31, 20Y3, is as follows:

1	Sales		$5,371,994.00
2	Cost of merchandise sold		3,306,650.00
3	Gross profit		$2,065,344.00
4	Operating expenses:
5	Depreciation expense	$18,470.00
6	Other operating expenses	1,756,355.00
7	Total operating expenses		1,774,825.00
8	Operating income		$290,519.00
9	Other income:
10	Gain on sale of investments		38,570.00
11	Income before income tax		$329,089.00
12	Income tax expense		132,549.00
13	Net income		$196,540.00

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

A.	The investments were sold for $279,190 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 $96,580 debit to Retained Earnings for cash dividends declared.

Prepare a statement of cash flows, using the direct method of presenting cash flows from 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 out flows, cash payments, decreases in cash, or any negative adjustments.

Labels and Amount Descriptions
Cash used for dividends
Cash used for purchase of equipment
Cash used for purchase of land
Cash paid for purchase of treasury stock
Cash payments for income taxes
Cash payments for merchandise
Cash payments for operating expenses
Cash received from customers
Cash from sale of common stock
Cash from sale of investments
December 31, 20Y3
Decrease in cash
Depreciation
For the Year Ended December 31, 20Y3
Gain on sale of investments
Increase in cash
Issuance of common stock for acquisition of land
Issuance of common stock for purchase of equipment
Net cash flow from financing activities
Net cash flow from investing activities
Net cash flow from operating activities
Net cash flow used for financing activities
Net cash flow used for investing activities
Net cash flow used for operating activities

Prepare a statement of cash flows, using the direct method of presenting cash flows from 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 out flows, cash payments, decreases in cash, or any negative adjustments.