Hiramatsu Exports, Inc., is a wholesaler of Japanese goods. By the end of 20X0, the company’s cash balance had dropped to ¥9 million, despite net income of ¥254 million in 20X0. Its transactions affecting income or cash in 20X0 were as follows (¥ in millions):

1. Sales were ¥2,610, all on credit. Cash collections from customers were ¥2,515.

2. The cost of items sold was ¥1,699.

3. Inventory increased by ¥56.

4. Cash payments on trade accounts payable were ¥1,758.

5. Payments to employees were ¥305; accrued wages payable decreased by ¥24.

6. Other operating expenses, all paid in cash, were ¥94.

7. Interest expense, all paid in cash, was ¥26.

8. Income tax expense was ¥105; cash payments for income taxes were ¥108.

9. Depreciation was ¥151.

10. A warehouse was acquired for ¥540 cash.

11. Equipment was sold for ¥47; original cost was ¥206, accumulated depreciation was ¥159.

12. The firm received ¥28 for issue of common stock.

13. Long-term debt was retired for ¥21 cash.

14. The company paid cash dividends of ¥98.

Prepare a statement of cash flows for 20X0 using the direct method for reporting cash flows from operating activities. Calculate the cash balance as of January 1, 20X0. Omit supporting schedules.