The comparative balance sheet of Charles Inc. for December 31, 2014 and 2013, is shown as follows:

Additional data obtained from an examination of the accounts in the ledger for 2014 are as follows:
a. The investments were sold for $210,000 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 $190,280 credit to Retained Earnings for net income.
f. There was a $72,000 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, 2014 Dec. 31, 2013 Assets 439,440 156,720 462,840 180,000 0 414,840 (111,000) $1,542,840 Inventories 481,320 0 Equipment. Accumulated depreciation-equipment 528,840 (124,800) 1,771,560 Liabilities and Stockholders'Equity Accounts payable (merchandise creditors) _. . .. Accrued expenses payable (operating expenses) 318,360 31,680 18,000 95,000 290,000 1,018,520 $1,771,560 303,720 39,480 14,400 75,000 210,000 900 240 $1,542,840 Common stock, $2 par.... Paid-in capital: Excess of issue price over par-common stock