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 dividends paid Cash paid for other expenses 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 the current year ended December 31. Use a note disclosure for any noncash investing and financing activities. (Amounts to be deducted should be 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 Payments for salaries Payments for other expenses Payments for inventory Receipts of interest Cash flows from investing activities $ (76,500) (20,000) (254,500) 495,000 $ 144,000 For rear Ended December 31 Cash flows from operating activities Payments for salaries Payments for other expenses Payments for inventory Receipts of interest Cash flows from investing activities Receipts of interest Receipt from sale of equipment Payment for store equipment $ (76,500) ( (20,000) (254,500) 495,000 $ 144,000 3,500 x 60,250 (24,750) 39,000 Cash flows from financing activities Payment to retire long-term notes payable (100,000) x Land purchased by issuing long-term notes payable 35,000 Payment of cash dividends 10,000 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 (55,000) $ 128,000 128,000