The following financial statements and additional information are reported.

IKIBAN INCORPORATED
Comparative Balance Sheets
At June 30	2021	2020
Assets
Cash	$ 72,500	$ 69,000
Accounts receivable, net	102,500	76,000
Inventory	88,800	124,000
Prepaid expenses	6,900	10,400
Total current assets	270,700	279,400
Equipment	149,000	140,000
Accumulated depreciationEquipment	(39,500)	(21,500)
Total assets	$ 380,200	$ 397,900
Liabilities and Equity
Accounts payable	$ 50,000	$ 67,500
Wages payable	8,500	20,000
Income taxes payable	5,900	8,800
Total current liabilities	64,400	96,300
Notes payable (long term)	35,000	85,000
Total liabilities	99,400	181,300
Equity
Common stock, $5 par value	270,000	185,000
Retained earnings	10,800	31,600
Total liabilities and equity	$ 380,200	$ 397,900

IKIBAN INCORPORATED
Income Statement
For Year Ended June 30, 2021
Sales	$ 803,000
Cost of goods sold	436,000
Gross profit	367,000
Operating expenses (excluding depreciation)	92,000
Depreciation expense	83,600
	191,400
Other gains (losses)
Gain on sale of equipment	4,500
Income before taxes	195,900
Income taxes expense	46,390
Net income	$ 149,510

Additional Information

1. A $50,000 note payable is retired at its $50,000 carrying (book) value in exchange for cash.
2. The only changes affecting retained earnings are net income and cash dividends paid.
3. New equipment is acquired for $82,600 cash.
4. Received cash for the sale of equipment that had cost $73,600, yielding a $4,500 gain.
5. Prepaid Expenses and Wages Payable relate to Operating Expenses on the income statement.
6. All purchases and sales of inventory are on credit.

Using the direct method, prepare the statement of cash flows for the year ended June 30, 2021. (Amounts to be deducted should be indicated with a minus sign.)