Gems Co. uses the indirect method to prepare its statement of cash flows. The following comparative statement of financial position for 2021 and 2022 are presented:

	At December 31
	2022	2021
Property, Plant and Equipment (PPE)	$1 260 000	$1 050 000
Accumulated depreciation	(450 000)	(375 000)
Patent	153 000	174 000
Prepaid expenses	18 000	27 000
Inventory	150 000	180 000
Accounts receivable	159 000	117 000
Cash	297 000	153 000
	$1 587 000	$1 326 000
Accounts payable	$ 153 000	$ 168 000
Accrued liabilities	60 000	42 000
Mortgage payable	----	450 000
Share capital-Preference	645 000	-----
Share capital-Ordinary	600 000	600 000
Retained earnings	129 000	66 000
	$1 587 000	$1 326 000

Additional Information:

1. The Accumulated Depreciation account has been credited only for the depreciation expense for the period.

2. The Retained Earnings account has been charged for dividends of $138 000 and credited for the net income for the year.

The statement of profit or loss for 2022 was as follows:

Sales	$1 980 000
Cost of sales	1 089 000
Gross profit	891 000
Operating expenses	690 000
Net income	$ 201 000

Create the statement of cash flows (indirect method) for Gems Co. for the year ended December 31, 2022.