The comparative balance sheets of Pharoah Inc. at the beginning and the end of the year 2017 are as follows.

PHAROAH INC. BALANCE SHEETS
		Dec. 31, 2017		Jan. 1, 2017		Inc./Dec.
Assets
Cash		$ 48,220		$ 16,220		$32,000	Inc.
Accounts receivable		95,670		89,450		6,220	Inc.
Equipment		43,670		23,450		20,220	Inc.
Less: Accumulated Depreciation-Equipment		21,670		11,000		10,670	Inc.
Total		$165,890		$118,120
Liabilities and Stockholders Equity
Accounts payable		$ 24,670		$ 16,450		8,220	Inc.
Common stock		103,220		81,450		21,770	Inc.
Retained earnings		38,000		20,220		17,780	Inc.
Total		$165,890		$118,120

Net income of $48,670 was reported, and dividends of $30,890 were paid in 2017. New equipment was purchased and none was sold. Prepare a statement of cash flows for the year 2017.