The following amounts were taken from the accounting records of PHS, as of December 31, 20Y7. PHS began its operations on January 1, 20Y7.

Cash	$60,000
Common Stock	$75,000
Dividends	$15,000
Fees earned	$620,000
Interest expense	$4,800
Land	$215,000
Misc. expense	$10,200
Notes payable	$80,000
Rent expense	$70,000
Salaries expense	$272,000
Taxes expense	$43,000
Utilities expense	$85,000

Prepare a statement of cash flows for the year ending December 31, 20Y7