Additional information: 1. Depreciation expense of $34,000 is included in operating expenses. 2. No equipment was sold during the year. 3. $50,000 of bank loans was repaid during the year with cash. 4. Common shares were issued for $25,000 cash. 5. Assume unexplained changes are from logical sources. Required Prepare a statement of cash flows, in good form, using the direct method