The statement of financial position of Maxim Tech. Inc. for December 31, 2015 and 2014, as presented in Problem 16-1A, is as follows:

The statement of income for the year ended December 31, 2015, is 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 $51,000 debit to Retained Earnings for cash dividends declared.
Instructions
Prepare a statement of cash flows using the direct method of presenting cash flows from operating activities.

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Dec. 31, 2015 Dec. 31, 2014 Assets $ 310.680 Cash. ... Accounts receivable (net) Inventories. Investments. . Equipment... Accumulated depreciation-equipment Land... 290.290 105, 260 113,920 318,880 308,560 120.000 352,560 (83, 200) 275,220 (72,000) 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 9.700 21,120 12,000 303,000 188,000 603,160 628,480 $1,178,840 $1.027,660 %24 Sales .. Cost of goods sold. Gross profit. . Operating expenses: Depreciation expense Other operating expenses. Total operating expenses Operating income Other income: Gain on sale of investments $1.950.699 1,200,430 750,269 $ 11,200 635,202 646,402 103.867 15.000 Income before income taxes Income taxes expense. 118.867 42,547 Net income. . 24 76,320