Check my work 5 Dive In Company was started several years ago by two diving Instructors. The company's comparative balance sheets and income statement, as well as additional information, are presented below. 6 points Current Year Previous Year Book Print Balance Sheet at December 31 Cash Accounts Receivable Prepaid Rent Total Assets Salaries and Wages Payable Common Stock Retained Earnings Total Liabilities and Stockholders' Equity Income Statement Service Revenge Salaries and Wages Expense Rent and Office Expenses Net Income $ 4,880 2,200 220 $ 7,300 s 950 2,400 3,950 $ 7,300 $5,740 1,100 110 $6.950 $2,300 1,600 3,050 $6,950 References $ 47,150 - 42,000 4.250 $ 900 Additional Data: a. Rent is paid in advance each month, and Office Expenses are paid in cash as incurred. b. An owner contributed capital by paying $800 cash in exchange for the company's stock. Check my work 5 Required: 1. Prepare the statement of cash flows for the current year ended December 31 using the direct method. (Amounts to be deducted should be indicated by a minus sign.) DIVE IN COMPANY Statement of Cash Flows For the Year Ended December 31 Cash Flows from Operating Activities: Cash Collected from Customers $ ok ant 46,050 ances 46,050 Cash Flows Used in Investing Activities: Cash Flows from Financing Activities: 0 $ 0