26 B E6-18. Statemen BE6-18. Statement of Cash Flows, Direct Method. A list of cash receipts and cash payments for Tucson Telecom- munications follows. Compute cash flows from operating activities under the direct reporting format. Cash Receipts and Payments Cash collected from customers Cash paid to suppliers Cash receipts from borrowing Cash paid to purchase equipment Cash paid for taxes Cash receipts from issuing equity Cash payments for property, plant and equipment Cash payments for loans made Cash payments on principal on debt Cash payments for dividends Cash paid for interest Cash receipts from interest Amount $1,971,300 $860,740 445,000 347,000 244,300 236,900 145,600 56,096 50,700 6,500 4,300 480 3-3 Condensed Statement of Net Income. Bradley Corporation provided the following account bal the end of the current year. The company is subject to a 40% income tax rate. men Bradley Corporation Trial Balance (Selected Accounts) For the Year Ended December 31 Debit $13,200 demption of bonds payable. sh dividends paid. xceeds from the sale of equip Method Account Dividends Credit Sales $1,245,890 6,700 5,400 12,000 16.700 DO 18.700 30.000 72 of Interest Income 3 Dividend Income 3 Unrealized Gain on Trading Securities 3 Gain on Disposal of Plant Assets 3 Gain on Flood Damage-Before Tax Gain on Discontinued Operations---Before Tax Cost of Goods Sold Sales Salaries Expense 2 Office Supplies Expense Advertising Expense 2 Office Salaries Expense 2 Systems Consulting Fees-General Selling Expenses Accounting and Legal Fees Administrative X2 Depreciation Expenso-General Amortization Expense-General 3 Interest Expense 3 Loss on Asset Impairment - Unrealized Loss on Available for Sale Bonds 65.000 32,500 21,500 79,500 23,500 18,900 75,000 34,500 89,750 12.000 14,000 58,900 6,080 Condensed financial data of Pat Metheny Company for Compere Required a. Prepare a condensed, multiple-step statement of net income for the current year ended December 31. b. Prepare a footnote containing the supporting schedules needed for the condensed statement of net income format