Victor Corporation's comparative balance sheet for current assets and liabilities was as follows:

	Dec. 31, Year 2	Dec. 31, Year 1
Accounts receivable	$20,400		$25,500
Inventory	78,800		70,400
Accounts payable	19,800		24,100
Dividends payable	20,000		21,000

Adjust net income of $94,800 for changes in operating assets and liabilities to arrive at net cash flows from operating activities.