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

	Dec. 31, 20Y3			Dec. 31, 20Y2
Assets
Cash	$ 226,460			$ 212,720
Accounts receivable (net)	82,680			75,850
Inventories	233,010			224,050
Investments	0			87,180
Land	119,440			0
Equipment	254,650			200,510
Accumulated depreciation-equipment	(60,600)			(54,100)
Total assets	$855,640			$746,210
Liabilities and Stockholders' Equity
Accounts payable	$ 154,350			$ 147,000
Accrued expenses payable	15,520			19,400
Dividends payable	8,400			6,700
Common stock, $1 par	45,600			35,070
Paid-in capital: Excess of issue price over par-common stock	173,500			101,480
Retained earnings	458,270			436,560
Total liabilities and stockholders equity	$855,640			$746,210

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

Sales		$1,464,620
Cost of merchandise sold		900,740
Gross profit		$ 563,880
Operating expenses:
Depreciation expense	$ 6,500
Other operating expenses	477,470
Total operating expenses		483,970
Operating income		$ 79,910
Other income:
Gain on sale of investments		14,600
Income before income tax		$ 94,510
Income tax expense		37,800
Net income		$ 56,710

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

1. The investments were sold for $101,780 cash.
2. Equipment and land were acquired for cash.
3. There were no disposals of equipment during the year.
4. The common stock was issued for cash.
5. There was a $35,000 debit to Retained Earnings for cash dividends declared.

Required:

Prepare a statement of cash flows, using the direct method of presenting cash flows from operating activities. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.