The statement of financial position of Maxim Tech. Inc. for December 31, 2015 and 2014, is shown as follows:

The following additional information was taken from the records:
a. The investments were sold for $135,000 cash.
b. Equipment and land were acquired for cash.
c. There were no disposals of equipment during the year.
d. The common shares were issued for cash.
e. There was a $76,320 credit to Retained Earnings for net income.
f. There was a $51,000 debit to Retained Earnings for cash dividends declared.
Instructions
Prepare a statement of cash flows using the indirect method of presenting cash flows from operating activities. Use of the spreadsheet is optional.

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Dec. 31, 2015 Dec. 31, 2014 Assets Cash.. Accounts receivable (net) Inventories.. Investments.. Equipment.. Accumulated depreciation.. Land... $ 310,680 290,290 113,920 105.260 318,880 308,560 120.000 275,550 (72,000) 352,560 (83, 200) 166,000 $1.178.840 $1.027.660 Liabilities and Shareholders' Equity Accounts payable (merchandise creditors)...... Accrued expenses payable (operating expenses) Dividends payable.. Common shares Retained earnings $ 214.240 200.480 26,320 21.120 12,000 9,700 303.000 188.000 628, 480 603,160 $1,178,840 $1,027,660