DE17-11 Inatome Processing began 20X1 with cash of $104,000. During the year, Inatome earned service revenue of $800,000 and collected $720,000 from customers. Expenses for the year totaled $670,000, of which Inatome paid $610,000 in cash to suppliers and employees. Inatome also paid $140.000 to purchase equipment and a cash dividend of $50,000 to its stockholders during 20X1. 1. Compute net income for the year. 2. Determine the cash balance at the end of the year. 3. Prepare the company's statement of cash flows for the year. Format operating activities by the direct method, and show the beginning and ending balances of cash. Preparing a statement of cash flows-direct method (Obj. 3)