Use the following information from Artizan, Inc. to prepare the statement of cash flows for May using the INDIRECT method.

Beginning cash balance: $21,470

Ending cash balance: 63,735

Net change in accounts receivable 1,800

Net change in inventory (2,675)

Net change in accounts payable (890)

Depreciation expense 8,000

Net income 23,450

Cash paid for dividends 625

Cash received from a loan 9,000

Purchase of treasury of stock 3,780

Cash received from sale of studio equipment 6,235