REFORMATTINGA STATEMENT OF CASH FLOWS. Boeke Company has pre- pared the following statement of cash flows for 19x7:

REQUIRED:
Recast the Boeke statement into a properly prepared statement of cash flows.

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INFLOWS OF CASH BOEKE COMPANY Statement of Cash Flows For the Year Ended December 31, 19x7 Cash collections from sales $511,400 Cash proceeds from sale of equipment 6,100 Cash received from borrowing using short-term notes payable 30,000 Cash received from sale of common stock 50,000 Total inflows of cash OUTFLOWS OF CASH $597,500 Cash payments for cost of goods sold 302,000 Cash payments for operating expenses Cash payments for interest expense 83,400 13,100 Cash payments for income taxes expense 22,300 Cash paid for purchase of equipment Payment of cash dividends 136,100 20,000 Cash paid on mortgage 15,000 Total outflows of cash Net increase in cash 591,900 $ 5,600