The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 20Y8 and 20Y7, is as follows: Accumulated depreciation-equipment Total assets Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Mortgage note payable Common stock, $1 par Paid-in capital: Excess of issue price over par-common stock Retained earnings Total liabilities and stockholders equity (68,880) $481,650 $101,150 0 16,000 231,000 133,500 $481,650 Dec. 31, 20Y8 Assets Cash $59,240 Accounts receivable (net) 91,030 Inventories 130,050 Prepaid expenses 5,300 Equipment 264,910 Dec. 31, 20Y7 $72,520 97,770 121,190 3,670 217,110 (53,250) $459,010 $95,930 137,700 10,000 129,000 86,380 $459,010

The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 2048 and 2017, is as follows: Dec. 31, 2018 Dec. 31, 2017 Assets Cash Accounts receivable (net) Inventories Prepaid expenses Equipment Accumulated depreciation-equipment Total assets $59,240 91,030 130,050 5,300 264,910 (68,880) $481,650 $72,520 97,770 121,190 3,670 217,110 (53,250) $459,010 $101,150 0 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Mortgage note payable Common stock, $1 par Paid-in capital: Excess of issue price over par-common stock Retained earnings Total liabilities and stockholders' equity 16,000 231,000 133,500 $481,650 $95,930 137,700 10,000 129,000 86,380 $459,010 Additional data obtained from the income statement and from an examination of the accounts in the ledger for 2018 are as follows: a. Net income, $120,630. b. Depreciation reported on the income statement, $33,650. C. Equipment was purchased at a cost of $65,820, and fully depreciated equipment costing $18,020 was discarded, with no salvage realized. d. The mortgage note payable was not due for six years, but the terms permitted earlier payment without penalty. e. 6,000 shares of common stock were issued at $18 for cash. f. Cash dividends declared and paid, $73,510. Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities