Refer to the information presented in PA-33.

Data from PA-33

• VHL reported income before income taxes of $400,000. Current income tax expense was $40,000; deferred income tax expense was $10,000.
• Retained earnings increased $340,000 for the year; the dividends payable account increased $5,000.
• Current income taxes payable decreased $4,000; deferred income taxes payable increased $6,000.
• Interest expense for the year was $20,000; the interest payable account increased $12,000.
• Accounts receivable decreased $18,000 and accounts payable increased $40,000 during the year.
• Inventory increased $14,000.
• VHL sold equipment with a net book value of $40,000 for $42,000 cash.
• VHL sold at fair value through other comprehensive income investments for $12,000. The book value of the investment was $15,000.
• Depreciation expense for the year totalled $22,000.
• VHL recorded a goodwill impairment loss of $15,000.
• Acquired $200,000 in equipment by way of a $20,000 cash down payment and a $180,000 finance lease.

Required:
Prepare the cash flows from operating activities section of the cash flow statement using the indirect method assuming that Valley Hospitality Ltd. is a private enterprise that elects to report its financial results in accordance with ASPE.