Bramble Company, a major retailer of bicycles and accessories, operates several stores and is a publicly traded company. The comparative balance sheet and income statement for Bramble as of May 31, 2020, are as follows. The company is preparing its statement of cash flows. 2019 BRAMBLE COMPANY COMPARATIVE BALANCE SHEET AS OF MAY 31 2020 Current assets Cash $28,400 Accounts receivable 75,200 Inventory 220,600 Prepaid expenses 8,900 Total current assets 333,100 $20,100 58,000 251,800 7,100 337,000 Plant assets Plant assets Less: Accumulated depreciation-plant assets Net plant assets Total assets 148,500 449,300 $782,400 506,800 124,700 382,100 $719,100 Current liabilities Accounts payable Salaries and wages payable Interest payable Total current liabilities Long-term debt Bonds payable Total liabilities $124,200 46,800 27,100 198,100 $114,900 71,200 25,100 211,200 70,000 268,100 100,000 311,200 Stockholders' equity Common stock, $10 par Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 370,000 144,300 514,300 $782,400 280,000 127,900 407,900 $719,100 BRAMBLE COMPANY INCOME STATEMENT FOR THE YEAR ENDED MAY 31, 2020 Sales revenue $1,245,200 Cost of goods sold 723,200 Gross profit 522,000 Expenses Salaries and wages expense Interest expense Depreciation expense Other expenses Total expenses Operating income Income tax expense Net income 254,100 74,700 23,800 8,100 360,700 161,300 43,300 $118,000 The following is additional information concerning Bramble's transactions during the year ended May 31, 2020. 1. All sales during the year were made on account. 2. All merchandise was purchased on account, comprising the total accounts payable account. 3. Plant assets costing $91,000 were purchased by paying $21,000 in cash and issuing 7,000 shares of stock. 4. The "other expenses" are related to prepaid items. 5. All income taxes incurred during the year were paid during the year. 6. In order to supplement its cash, Bramble issued 2,000 shares of common stock at par value. 7. Cash dividends of $101,600 were declared and paid at the end of the fiscal year. Prepare a statement of cash flows for Bramble Company for the year ended May 31, 2020, using the direct method. (A reconciliation of net income to net cash provided is not required.) (Show amounts in the investing and financing sections that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) BRAMBLE COMPANY Statement of Cash Flows (Partial) Cash payments