Data for Fulton Corp. are presented in E23-11B.
In E23-11B, Condensed financial data of Fulton Corp. for 2014 and 2013 are presented below.

FULTON CORP.
INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 2014
Sales ............... $15,200
Cost of goods sold ........... 10,400
Gross margin ............. 4,800
Selling and administrative expense ... 1,205
Income from operations ........ 3,595
Other revenues and gains
Loss on sale of investments ...... 50
Income before income tax ........ 3,545
Income tax expense ......... 1,400
Net income ............. 2,145
Cash dividends ........... 600
Income retained in business ...... $ 1,545

Additional information:
During the year, $100 of common stock was issued in exchange for land. No plant assets were sold in 2014.

Instructions
Prepare a statement of cash flows using the direct method. (Do not prepare a reconciliationschedule.)

FULTON CORP COMPARA TIVE BALANCE SHEET As oF DECEMBER 31 2014 2013 $ 600 200 2,100 1,200 1,200 (455) $4,845 $ 800 Investments Receivables Inventory Plant assets Accumulated depreciation 2,250 1,600 1,600 (600) 3 $ 750 Accounts payable Accrued liabilities Bonds payable Capital stock Retained earnings $1,200 800 1,500 2,270 1,000 1,400 725 $4,845