90 Appendix 2 PR 16-4B Statement of cash flows-direct method The comparative balance sheet of Suffridge Inc. for December 31, 20Y4 and 2013, is as follows: Assets Dec. 31, 2014 $ 790,090 Dec. 31, 2013 5815,600 Cash. Accounts receivable (net)... 1,185,100 1,091,700 1,664,800 Inventories 0 1,628,200 $15.800 Investments 1,146,100 0 Land... 1,461,300 1,174,800 Equipment.. Accumulated depreciation-equipment. (574,800) (439,800) $5,672,590 54,786,300 Total assets... Liabilities and Stockholders' Equity $1,289,400 $1,154,000 Accounts payable..... 80,900 94,600 Accrued expenses payable.. 120,300 108,900 Dividends payable... 155,200 35,800 Common stock, $5 par. Paid-in capital in excess of par... 1,134,2001 537,300 2,892,590 2,855,700 Retained earnings..... Total liabilities and stockholders' equity... $5,672,590 $4,786,300 The income statement for the year ended December 31, 20Y4, is as follows: Sales... Cost of merchandise sold.. Gross profit.. Operating expenses: Depreciation expense.. Other operating expenses. Total operating expenses. Income from operations. Other income: Gain on sale of investments... Income before income tax.... Income tax expense.. Net income...... $5,386,900 2,808,100 $2,578,800 $ 135,000 1,605,610 1,740,610 $ 838,190 186,200 $1,024,390 357,100 $ 667,290 Additional data obtained from an examination of the accounts in the ledger for 2014 are as follows: a. Equipment and land were acquired for cash. b. There were no disposals of equipment during the year. c. The investments were sold for $702,000 cash. d. The common stock was issued for cash. e. There was a $630,400 debit to Retained Earnings for cash dividends declared. Instructions Prepare a statement of cash flows, using the direct method of presenting cash flows from (used for) operating activities.