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The comparative balance sheet of Navaria Inc. for December 31,20Y3 and 20Y2, is as follows:

	Dec. 31,20Y3			Dec. 31,20Y2
Assets
Cash	$ 249,700			$ 235,700
Accounts receivable (net)	91,600			84,040
Inventories	258,190			248,260
Investments	0			96,600
Land	132,340			0
Equipment	282,170			222,180
Accumulated depreciation-equipment	(67,100)			(59,900)
Total assets	$946,900			$826,880
Liabilities and Stockholders'Equity
Accounts payable	$ 171,050			$ 162,900
Accrued expenses payable	17,200			21,500
Dividends payable	9,300			7,400
Common stock, $1 par	50,500			38,860
Paid-in capital: Excess of issue price over par-commonstock	192,300			112,460
Retained earnings	506,550			483,760
Total liabilities and stockholders’ equity	$946,900			$826,880

The income statement for the year ended December 31, 20Y3, is asfollows:

Sales		$1,594,870
Cost of merchandise sold		980,850
Gross profit		$ 614,020
Operating expenses:
Depreciation expense	$ 7,200
Other operating expenses	519,930
Total operating expenses		527,130
Operating income		$ 86,890
Other income:
Gain on sale of investments		16,100
Income before income tax		$ 102,990
Income tax expense		41,200
Net income		$ 61,790

Additional data obtained from an examination of the accounts inthe ledger for 20Y3 are as follows:

1. The investments were sold for $112,700 cash.
2. Equipment and land were acquired for cash.
3. There were no disposals of equipment during the year.
4. The common stock was issued for cash.
5. There was a $39,000 debit to Retained Earnings for cashdividends declared.

Required:

Prepare a statement of cash flows, using the direct method ofpresenting cash flows from operating activities. Use the minus signto indicate cash outflows, cash payments, decreases in cash, or anynegative adjustments.

Navaria Inc.
Statement of Cash Flows
For the Year Ended December 31, 20Y3
Cash flows from operating activities:
	$
Net cash flow from operating activities		$
Cash flows from (used for) investing activities:
	$
Net cash flow used for investing activities
Cash flows from (used for) financing activities:
	$
Net cash flow from financing activities
		$
Cash at the beginning of the year
Cash at the end of the year		$