Behemoth Manufacturing makes and sells integrated circuit boards. At the end of 2018, the income statement and comparative balance sheet were prepared as shown below. Behemoth Manufacturing Balance Sheet As at February 28 Assets 2018 2017 Current Assets Cash $221,380 $126,500 Accounts Receivable $230,200 $256,900 Merchandise Inventory $503,100 $455,100 Prepaid Expenses Total Current Assets $21,800 $21,800 $976,480 $860,300| Noncurrent Assets Land $23,300 Equipment $348,900 $348,900 Less: Accumulated Depreciation $-103,500 $-95,200 Total Noncurrent Assets $245,400 $277,000 $1,221,880 $1,137,300 Total Assets Liabilities Current Liabilities Accounts Payable $315,100 $330,000 Notes Payable, Current Portion $39,500 $20,900 Total Current Liabilities $354,600 $350,900| Total Noncurrent Assets Total Assets Liabilities $245,400 $277,000 $1,221,880 $1,137,300 Current Liabilities Accounts Payable $315,100 $330,000 Notes Payable, Current Portion $39,500 $20,900 Total Current Liabilities $354,600 $350,900 Notes Payable, Long-Term Portion $211,500 $192,100 Total Liabilities Stockholders' Equity $566,100 $543,000 Common Stock $279,000 $241,000 Retained Earnings $376,780 $353,300 Total Stockholders' Equity $655,780 $594,300 Total Liabilities and Equity $1,221,880 $1,137,300 Additional Information: During 2018, land was sold for a loss of $5,000. There was no purchase of equipment throughout the year. The company did not pay off any amount of the notes payable. Behemoth Manufacturing Income Statement For the Year Ended February 28, 2018 Sales Cost of Goods Sold Gross Profit $2,083,000 $1,249,800 $833,200 Gross Profit $833,200 Operating Expenses Depreciation Expense $8,300 Other Operating Expenses $704,700 Total Operating Expenses $713,000 Income from Operations $120,200 Other Income Loss on Sale of Land $-5,000 Income before Income Tax $115,200 Income Tax $40,320 Net Income $74,880 Prepare the statement of cash flows using the direct method. Assume accounts payable is only for the purchase of merchandise inventory. Do not show the reconciliation schedule of net income with net cash provided (used) by operating activities at the bottom of the statement of cash flows. Do not enter dollar signs or commas in the input boxes, Use the negative sign for a decrease in cash. Behemoth Manufacturing Cash Flow Statement For the Year Ended December 31, 2018 Cash Flow from Operating Activities Cash Receipts Cash Received from Customers Cash Payments 1 S S Payments for Merchandise Inventory Payments for Other Operating Expenses Payments for Income Taxes Total Cash Payments Net Cash Provided (Used) by Operating Activities Cash Flow from Investing Activities Sale of Land Net Cash Provided (Used) by Investing Activities Cash Flow from Financing Activities Proceeds from Notes Payable Payment of Cash Dividend Issue of Common Stock Net Cash Provided (Used) by Financing Activities Net Increase (Decrease) in Cash Cash at the Beginning of the Year Cash at the End of the Year