The following financial statements and additional information are reported.

IKIBAN INCORPORATED
Comparative Balance Sheets
At June 30	2021	2020
Assets
Cash	$ 75,500	$ 64,000
Accounts receivable, net	95,000	71,000
Inventory	83,800	116,500
Prepaid expenses	6,400	9,400
Total current assets	260,700	260,900
Equipment	144,000	135,000
Accumulated depreciationEquipment	(37,000)	(19,000)
Total assets	$ 367,700	$ 376,900
Liabilities and Equity
Accounts payable	$ 45,000	$ 60,000
Wages payable	8,000	19,000
Income taxes payable	5,400	7,800
Total current liabilities	58,400	86,800
Notes payable (long term)	34,000	80,000
Total liabilities	92,400	166,800
Equity
Common stock, $5 par value	260,000	180,000
Retained earnings	15,300	30,100
Total liabilities and equity	$ 367,700	$ 376,900

IKIBAN INCORPORATED
Income Statement
For Year Ended June 30, 2021
Sales	$ 778,000
Cost of goods sold	431,000
Gross profit	347,000
Operating expenses (excluding depreciation)	87,000
Depreciation expense	78,600
	181,400
Other gains (losses)
Gain on sale of equipment	4,000
Income before taxes	185,400
Income taxes expense	45,890
Net income	$ 139,510

Additional Information

1. A $46,000 note payable is retired at its $46,000 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 $77,600 cash.
4. Received cash for the sale of equipment that had cost $68,600, yielding a $4,000 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.)