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Butterfly Products, Inc. reports the following comparative balance sheets and income statement for the current year. E (Click the icon to view the balance sheets.) 3 (Click the icon to view the income statement.) During the year, Butterfly Products purchased new equipment for $193 and sold equipment with a net book value of $21 for $56. Both events were cash transactions. It paid any dividends declared. Butterfly made no repayments of debt during the year. Prepare the operating activities section of the statement of cash flows using the direct method. (Use a minus sign or parentheses for any numbers to be subtracted. If an input field is not used in the statement, leave the field empty; do not select a label or enter a zero.) Butterfly Products, Inc. Partial Statement of Cash Flows (Direct Method) For the Year Ended December 31 Operating Activities: Net Cash Provided (Used) by Operating Activities X Comparative Balance Sheets At December 31 Current Year Prior Year Cash $ 217 $ 152 Accounts Receivable - net 243 206 Inventory 308 255 21 48 Prepaid Insurance Total Current Assets 789 $ 661 466 366 Plant and Equipment - net 1,255 $ 1,027 Total Assets $ $ Accounts Payable 392 $ 354 71 Income Tax Payable 50 Total Current Liabilities $ FA 463 $ 404 199 153 Long-term Debt $ 662 $ 557 Total Liabilities Capital Stock $ 271 $ 216 322 254 Retained Earnings $ Total Shareholders' Equity 470 593 $ $ $ 1,255 $ 1,027 Total Liabilities and Equity Income Statement Butterfly Products, Inc. Income Statement For the Current Year Ended December 31 Sales $ 1,301 Operating Expenses: Cost of Goods Sold $ 783 72 Depreciation Insurance Gain on Sale of Equipment 43 (35) 194 Other Expenses (1,057) Income before Tax $ 244 106 Provision for Income Tax $ 138 Net Income