The net income reported on the income statement for the current year was $271,517. Depreciation recorded on fixed assets and amortization of patents for the year were $31,334 and $11,632, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows:

	End	Beginning
Cash	$48,307	$68,023
Accounts receivable	120,807	107,063
Inventories	108,247	86,212
Prepaid expenses	4,352	6,444
Accounts payable (merchandise creditors)	52,490	60,301

What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method?

$278,704

$316,095

$272,985

$257,507