15 Income Statement Sales Cost of Goods Sold Depreciation Expense Other Expenses Net income Current Year $220,000 120,000 16,240 55,000 $ 28,760 Other information from the company's records includes the following: Bought equipment for cash, $53,000. Paid $10,500 on long-term note payable. Issued new shares of common stock for $20,000 cash. Cash dividends of $17,400 were declared and paid to stockholders. Accounts Payable arose from inventory purchases on credit. Income Tax Expense ($4,000) and Interest Expense ($3,000) were paid in full at the end of both years and are included in Other Expenses. Required: Prepare a schedule summarizing operating, investing, and financing cash flows using the T-account approach. Operating Cash Inventory Issue Stock Pay Dividends 0 Investing Financing 0 Purchase Equipment Repay Long-Term Dept Salaries and Wages Payable