Use the following information regarding the cash flows of Jack Corporation to prepare a statement of cash flows using the direct method:

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Cash balance, December 31 Cash paid to employees and suppliers. Cash received from sale of equipment. Cash paid to retire bonds payable. Cash balance, January 1 Cash paid as interest. Cash paid as income taxes $ 26,000 151,000 91,000 70,000 20,000 4,000 24,000 Cash paid to purchase patent. 76,000 Cash received from customers. 221,000 Cash received from issuing common stock Cash paid as dividends 35,000 16,000