Cash and cash equivalents, December 31 prior year-end Cash and cash equivalents, December 31 current year-end Cash received as interest Cash paid for salaries Bonds payable retired by issuing common stock (no gain or loss on retirement). Cash paid to retire long-term notes payable Cash received from sale of equipment Land purchased by issuing long-term notes payable Cash paid for store equipment Cash paid for other expenses Cash dividends paid Cash received from customers. Cash paid for inventory $ 40,000 148,000 3,500 76,500 185,500 65,000 60,250 105,250 24,750 10,000 20,000 495,000 254,500 Use the above information about Ferron Company to prepare a complete statement of cash flows (direct method) for th ended December 31. Use a note disclosure for any noncash investing and financing activities. (Amounts to be deducte indicated with a minus sign.) Answer is not complete. FERRON COMPANY Statement of Cash Flows For Year Ended December 31 Cash flows from operating activities Receipts of interest Receipts from customers 495,000 Payments for salaries (76,500) Payments for inventory (254,500) Payments for other expenses (20,000) Net cash provided by operating activities $ 144,000 Cash flows from investing activities Receipt from sale of equipment Payment for store equipment Net cash provided by investing activities Cash flows from financing activities Payment to retire long-term notes payahle 60,250 (24,750) 35,500 FERRON COMPANY Statement of Cash Flows For Year Ended December 31 Cash flows from operating activities Receipts of interest Receipts from customers Payments for salaries Payments for inventory Payments for other expenses Net cash provided by operating activities Cash flows from investing activities 495,000 (76,500) (254,500) (20,000) Receipt from sale of equipment 60,250 Payment for store equipment (24,750) Net cash provided by investing activities Cash flows from financing activities Payment to retire long-term notes payable (65,000) Payment of cash dividends (10,000) Net cash used in financing activities Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at prior year-end Cash and cash equivalents at current year-end Noncash investing and financing activities Bonds payable retired by issuing common stock $ 185,500 Land purchased by issuing long-term notes payable 105,250 $ 144,000 35,500 (75,000) $ 104,500 40,000 144,500