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The following pertains to the Excelsior Corp

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The following pertains to the Excelsior Corp. for the year ended December 31, 2014. Depreciation expense $ 12,000 Issuance of common stock 105,000 Cash dividends paid 18,600 Increase in inventory 43,500 A decrease in accounts receivable 68,700 A decrease in accounts payable 27,600 Retirement of long-term debt 120,000 Net income 150,000 Proceeds from sale of equipment ($15,000 loss)...... 63,000 Purchase of equipment 84,000 Cash and cash equivalents, beginning of year. 200,000 Based on the above-given information, the statement of cash flows should present a cash flow from operating activities with an amount equal to: