The comparative balance sheet of Winner€™s Edge Sporting Goods, Inc. for December 31, 2006 and 2005 is as follows:

The following additional information was taken from the records:
a. The investments were sold for $132,000 cash.
b. Equipment and land were acquired for cash.
c. There were no disposals of equipment during the year.
d. The common stock was issued for cash.
e. There was a $180,600 credit to Retained Earnings for net income.
f. There was a $56,000 debit to Retained Earnings for cash dividends declared.

Instructions
Prepare a statement of cash flows, using the indirect method of presenting cash flows from operatingactivities.

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Dec. 31, 2006 Dec. 31, 2005 Assets 464,100 163,200 395,000 0 160,000 695,500 (194,000) $1,683,800 Accounts receivable (net) Inventories . Investments S 395,800 145,700 367,900 120,000 Equipment Accumulated depreciation-equipment. . 575,500 (168,000) $1,436,900 Liabilities and Stockholders' Equity 16,500 14,000 75,000 265,000 1,084,600 $1,683,800 S 210,500 21,400 10,000 60,000 175,000 960,000 $1,436,900 Common stock, $10 par Paid-in capital in excess of par-common stock....