The following are accounting items taken from Tyrone Shoelaces Company’s records for 2016:
a. Net income, $22,900
b. Payment for purchase of land, $4,000
c. Payment for retirement of bonds, $6,000
d. Depreciation expense, $7,800
e. Receipt from issuance of common stock, $7,000
f. Patent amortization expense, $2,700
g. Increase in accounts receivable, $3,400
h. Payment of dividends, $5,000
i. Decrease in accounts payable, $2,600
Required:
Prepare the net cash flow from operating activities section of Tyrone’s 2016 statement of cash flows using the indirect method.