The comparative balance sheet of Rowe Products Inc. for December 31, 2013 and 2012, is as follows:

The income statement for the year ended December 31, 2012, is as follows:

The following additional information was taken from the records: a. Equipment and land were acquired for cash. b. There were no disposals of equipment during the year. c. The investments were sold for $211,200 cash. d. The common stock was issued for cash. e. There was a $24,000 debit to Retained Earnings for cash dividends declared. Instructions Prepare a statement of cash flows, using the direct method of presenting cash flows from operatingactivities.