Satu Company, a merchandiser, recently completed its 2017 operations. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, (5) Other Expenses are cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. The company's balance sheets and income statement follow.

Additional Information on Year 2017 Transactions
a. Purchased equipment for $30,250 cash.
b. Issued 3,000 shares of common stock for $21 cash per share.
c. Declared and paid $60,000 of cash dividends.
Required
Prepare a complete statement of cash flows; report its cash inflows and cash outflows from operating activities according to the indirect method.

SATU COMPANY Comparative Balance Sheets December 31, 2017 and 2016 Accounts receivable Accum. depreciation-Equipment Liabilities and Equity Income taxes payable S305,689 $241,080 6 2,100 4 Common stock, $5 par value Paid-in capital in excess of par, common stock Total liabilities and equity S305,689 $241,080 SATU COMPANY Income Statement For Year Ended December 31, 2017 Sales Cost of goods sold Gross profit Operating expenses $750,800 269,200 481,600 15,700 173,933 189,633 291,967 89,200 $202,767 Income before taxes Net income