The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 20Y8 and 20Y7, is as follows:

		Dec. 31, 20Y8		Dec. 31, 20Y7
Assets
Cash		$56,540		$69,360
Accounts receivable (net)		86,880		93,510
Merchandise inventory		124,120		115,890
Prepaid expenses		5,060		3,510
Equipment		252,830		207,650
Accumulated depreciation-equipment		(65,740)		(50,920)
	Total assets	$459,690		$439,000
Liabilities and Stockholders' Equity
Accounts payable (merchandise creditors)		$96,530		$91,750
Mortgage note payable		0		131,700
Common stock, $1 par		14,000		9,000
Paid-in capital: Excess of issue price over par-common stock		199,000		124,000
Retained earnings		150,160		82,550
	Total liabilities and stockholders equity	$459,690		$439,000

Additional data obtained from the income statement and from an examination of the accounts in the ledger for 20Y8 are as follows:

Net income, $173,080.

Depreciation reported on the income statement, $32,050.

Equipment was purchased at a cost of $62,410, and fully depreciated equipment costing $17,230 was discarded, with no salvage realized.

The mortgage note payable was not due for six years, but the terms permitted earlier payment without penalty.

5,000 shares of common stock were issued at $16 for cash.

Cash dividends declared and paid, $105,470.

Required:

Prepare a statement of cash flows, using the indirect method. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments.

Yellow Dog Enterprises Inc.

Statement of Cash Flows

For the Year Ended December 31, 20Y8