Alford Company and its 80 percent–owned subsidiary, Knight, have the following income statements for 2011:

Alford	Knight
Revenues	$(500,000)	$(230,000)
Cost of goods sold	300,000	140,000
Depreciation and amortization	40,000	10,000
Other expenses	20,000	20,000
Gain on sale of equipment	(30,000)	–0–
Equity in earnings of Knight	(36,200)	–0–
Net income	$(206,200)	$ (60,000)

• Intra-entity inventory transfers during the year amounted to $90,000 and were downstream from Alford to Knight.

• Unrealized inventory gains at January 1 were $6,000, but at December 31, they are $9,000.

• Annual excess amortization expense resulting from the acquisition is $11,000.

• Knight paid dividends totaling $20,000.

• The noncontrolling interest’s share of the subsidiary’s income is $9,800.

• During the year, consolidated inventory rose by $11,000 while accounts receivable and accounts payable declined by $8,000 and $6,000, respectively.

Using either the direct or the indirect approach, determine the amount of cash generated from operations during the period by this business combination.