Balance Sheets, December 31 Determining Operating Cash Flows-Direct Method Taser Corporation's recent comparative balance sheet and income statement follow. Assets Prior Year Current Year Cash and cash equivalents $31,200 $51,040 Accounts receivable (net) 54,400 54,400 Merchandise inventory 124,800 136,000 Investments, long-term 16,000 Plant assets 269,600 288,800 Accumulated depreciation (70,400) (54,400) Total assets $409,600 $491,840 Liabilities and Stockholders' Equity Accounts payable $33,600 $30,400 Salaries payable 2,400 800 Income taxes payable 3,200 5,600 Bonds payable 160,000 160,000 Premium on bonds payable 6,400 5,920 Common stock, no-par 192,000 248,800 Retained earnings 12,000 40,320 $491,840 Total liabilities and stockholders' equity $409,600 Income Statement, For Year Ended December 31 Current Year Sales revenue Cost of goods sold $192,000 (76,800) Income Statement, For Year Ended December 31 Current Year Sales revenue $192,000 Cost of goods sold (76,800) Depreciation expense (9,600) Salaries expense (35,200) Income tax expense (16,000) Interest expense (11,200) Other expenses (3,680) Gain on sale of plant assets 4,800 Net income $44,320 Additional information 1. Purchased a plant asset, $48,000; issued common stock in full payment. 2. Purchased a long-term investment in equity securities for cash, $16,000. 3. Declared and paid cash dividend, $16,000. 4. Sold a plant asset for $8,000 cash (cost, $28,800; accumulated depreciation, $25,600). 5. Issued common stock, 800 shares at $11 per share cash. Prepare the operating activities section of the statement of cash flows, using the direct method. Note: Use negative signs with amounts for cash outflows. Cash Flows from Operating Activities Collections from customers Payments to suppliers Payments for salaries 000 1. Purchased a plant asset, $48,000; issued common stock in full payment. 2. Purchased a long-term investment in equity securities for cash, $16,000. 3. Declared and paid cash dividend, $16,000. 4. Sold a plant asset for $8,000 cash (cost, $28,800; accumulated depreciation, $25,600). 5. Issued common stock, 800 shares at $11 per share cash. Prepare the operating activities section of the statement of cash flows, using the direct method. Note: Use negative signs with amounts for cash outflows. Cash Flows from Operating Activities Collections from customers Payments to suppliers Payments for salaries Payments for income taxes Payments for interest Other expenses Net cash provided (used) by operating activities $ Check 0 0 0 0 0 0 0