An income statement for Hamilton Corporation follows: Revenues from sales of products $360,000 Cost of goods sold: Beginning inventory $ 48,000 Purchases 228,000 Ending inventory (168,000) (108,000) Depreciation expense (54,000) Gain on retirement of bonds 60,000 Salary expense (42,000) Insurance expense (6,000) Income tax expense (36,000) Net income $174,000 Additional Information: Decrease in accounts receivable, $36,000. The prepaid insurance account increased by $4,800 during the year. Included in salary expenses are salaries of $9,600 accrued at the end of the year; no salaries were unpaid at the beginning of the year. The bonds payable had a book value of $240,000 at the date of retirement. Increase in accounts payable, $21,000. Required: Prepare a schedule showing the net cash flows generated by the operating activities of Hamilton Corporation. Use the direct method.