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.

Dec. 31, 2013 Dec. 31, 2012 Assets Cash 772,080 680,160 1,213,200 0 624,000 1,056,000 815,280 656,880 1,179,360 288,000 0 816,000 Inventories Investments $4,052,160 3,515,040 Liabilities and Stockholders'Equity Accounts payable (merchandise creditors) Accrued expenses payable (operating expenses). Dividends payable. 76,080 10,560 177,600 369,600 2492,160 $4,052,160 898,080 84,960 7,680 38,400 230,400 Paid-in capital in excess of par-common stock Retained earnings $3,515,040