The following are the statements of financial position of Biden Corporations at the ends of 2023 and 2022.

Accounts receivable Equipment Less: Accumulated depreciation 46,500 (10,200) December 31 Assets 2023 2022 Cash $75,000 111,000 $33,600 107,700 42,900 (10,900) Total $222,300 $173,300 Liabilities and Shareholders Equity Accounts payable Common shares Retained earnings $39,800 120,000 62,500 $34,400 100,100 38,800 Total $222,300 $173,300 Net income of $56,800 was reported and dividends of $13,100 were declared and paid in 2023. New equipment was purchased, and equipment with a carrying value of $12,000 (cost of $14,000 and accumulated depreciation of $2,000) was sold for $8,000 at the end of 2023.

Use the indirect method to derive cash flows from operating activities for 2023.