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

Statement of Cash Flows-Indirect Method The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 20Y8 and 2017, is as follows: Dec. 31, 2048 Dec. 31, 2047 Assets Cash $76,860 $94,280 Accounts receivable (net) 118,090 127,100 Inventories 157,540 4,770 Prepaid expenses Equipment Accumulated depreciation-equipment 168,710 6,870 343,660 (89,350) $624,840 282,250 (69,220) $596,720 Total assets Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $131,220 $124,710 Mortgage note payable 179,020 Common stock, $1 par 21,000 13,000 Paid-in capital: Excess of issue price over par-common stock 304,000 168,000 Retained earnings 168,620 $624,840 111,990 $596,720 Total liabilities and stockholders' equity Additional data obtained from the income statement and from an examination of the accounts in the ledger for 20Y8 are as follows: a. Net income, $144,970. b. Depreciation reported on the income statement, $43,560. Additional data obtained from the income statement and from an examination of the accounts in the ledger for 20Y8 are as follows: a. Net income, $144,970. b. Depreciation reported on the income statement, $43,560. C. Equipment was purchased at a cost of $84,840, and fully depreciated equipment costing $23,430 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. 8,000 shares of common stock were issued at $18 for cash. f. Cash dividends declared and paid, $88,340. Required: Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. 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, 2048 Cash flows from operating activities: Net income $ 360,300 Adjustments to reconcile net income to net cash flow from operating activities: Depreciation 50,100 Changes in current operating assets and liabilities: Decrease in accounts receivable Increase in inventory Increase in prepaid expenses Increase in accounts payable Net cash flow from operating activities Cash flows from investing activities: Cash paid for equipment Net cash flow used for investing activities Cash flows from financing activities: Cash received from sale of common stock Cash paid for dividends Cash paid to retire mortgage note payable Net cash flow used for financing activities Change in cash Cash at the beginning of the year Cash at the end of the vear