The following pertains to the Excelsior Corp. for the year ended December 31 , 2014 . Depreciation expense $ 12,000 Issuance of common stock $105,000 Cash dividends paid $18600 Increase in inventory $43500, A decrease in accounts receivable $68700 A decrease in accounts payable $27,600

Retirement of long - term debt $120000 Net income $150000, Proceeds from sale of equipment ( $ 15,000 loss ) ........ $63,000 Purchase of equipment $84000 Cash and cash equivalents, beginning of year $200000. Based on the above - given information, the statement of cash flows should present a cash flow from investing activities with an amount equal to :