Colorado Corporation was organized at the beginning of the year, with the investment of $252,700 in cash by its stockholders. The company immediately purchased an office building for $304,900, paying $210,000 in cash and signing a three-year promissory note for the balance. Colorado signed a five-year, $60,500 promissory note at a local bank during the year and received cash in the same amount. During its first year, Colorado collected $94,870 from its customers. It paid $66,500 for inventory, $20,700 in salaries and wages, and another $3,500 in taxes. Colorado paid $6,200 in cash dividends. Required: 1. Prepare a statement of cash flows for the year. If your answer is zero, enter "0". Use the minus sign to indicate cash out flows, a decrease in cash or cash payments. Colorado Corporation Statement of Cash Flows For the First Year Cash flows from operating activities: Cash collected from customers Cash paid for inventory 94,8701 66,500 X Cash paid in salaries and wages 20,700 X Cash paid in taxes Net cash provided by operating activities Cash flows from investing activities: Payment on office building Cash flows from financing activities: Proceeds from issuance of stock 3,500 X 4,170 210,000 X Proceeds from long-term note 252,700 60,500 Dividends declared and paid Net cash provided by financing activities Net increase in cash Cash at beginning of year 6,200 X Cash at end of year Check My Work Previous