The income statement for Piura Merchandising Corporation is as follows:

Piura Merchandising Corporation
Income Statement
For the Year Ended December 31, 20X1
Sales		$ 1,480,000
Cost of goods sold
Beginning inventory	$ 425,000
Purchases	770,000
Ending inventory	(260,000)
		(935,000)
Depreciation expense		(66,000)
Amortization of patent		(20,000)
Wages expense		(71,000)
Insurance expense		(39,500)
Income before taxes		$ 348,500
Income taxes (all current)		(103,500)
Net income		$ 245,000

Other information is as follows:

A.	Accounts payable decreased by $19,000 during the year.
B.	Accounts receivable increased by $23,500.
C.	All wages were paid at the beginning of the year; at the end of the year, wages payable had a balance of $10,500.
D.	Prepaid insurance increased by $24,000 during the year.

Prepare a schedule that provides the operating cash flows for the year using the indirect method.