The comparative balance sheet of Merrick Equipment Co. for Dec. 31, 2016 and 2015, is

The income statement for the year ended December 31, 2016, is as follows:

Additional data obtained from an examination of the accounts in the ledger for 2016 are as follows:
a. Equipment and land were acquired for cash.
b. There were no disposals of equipment during the year.
c. The investments were sold for $91,800 cash.
d. The common stock was issued for cash.
e. There was a $102,000 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, 2016 Dec. 31, 2015 70,720 207,230 298,520 $47,940 188,190 289,850 102,000 Accounts receivable (net) Investments Land. 438,600 (99,110 1,211,760 358,020 (84,320) $ 901,680 Accumulated depreciation-equipment Liabilities and Stockholders'Equity 205,700 30,600 194,140 26,860 20,400 102,000 204,000 354,280 901,680 Accrued expenses payable (operating expenses) Common stock, $1 par Paid-in capital: Excess of issue price over par-common stock Retained earnings 202,000 354,000 393,960 1,211,760 Sales 2,023,898 1,245,476 778,422 Operating expenses: Depreciation expense 14,790 517/299 Total operating expenses 532,089 $ 246,333 Operating Other expenses: $ 236,133 94,453 S 141,680