Comparative Balance Sheets for Quintuitt Corporation are provided below:

Quintuitt Corporation Comparative Balance Sheets December 31, 20xx
	2020	2019
Current assets:
Cash	$ 28,250	$ 20,000
Accounts receivable	70,000	58,000
Inventory	220,000	252,000
Prepaid expenses	9,000	7,000
Total current assets	332,250	335,000
Plant assets:
Plant assets	600,000	502,000
Less: Accum. Depr.	(150,000)	(125,000)
Total plant assets	450,000	377,000
Total assets	$ 777,250	$ 714,000
Current liabilities:
Accounts payable	$ 118,000	$ 115,000
Salaries and wages pay.	47,250	74,000
Interest payable	27,000	25,000
Total current liabilities	197,250	212,000
Long-term debt:
Bonds payable	70,000	100,000
Total liabilities	267,250	312,000
Equity:
Common stock, $1 par	37,000	28,000
Paid in Capital Excess of par Retained earnings	333,000 145,000	252,000 120,000
Total equity	515,000	400,000
Total Liabilities & Equity	$ 777,250	$ 714,000

The 2020 Income statement is shown below:

Quintuitt Corporation Income Statement For year ended December 31, 2020
Sales revenue		$1,255,250
Cost of goods sold		718,000
Gross profit		533,250
Expenses:
Salaries & Wages expense	$256,100
Interest expense	75,000
Depreciation expense	25,000
Other expenses	8,150
Total expenses		360,250
Earnings before tax		173,000
Income tax expense		43,000
Net income		$ 130,000

Additional information:

1. All sales during the period were made on account.
2. All merchandise was purchased on account, comprising the total accounts payable.
3. Plant assets costing $98,000 were purchased by paying $28,000 in cash and issuing 7,000 shares of stock, market price was $10/share.
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, Quintruitt issued 2,000 shares of common stock at $10 per share.
7. Cash dividends of $105,000 were declared and paid at the end of the fiscal year.

REQUIRED:

Using the Question 2 TEMPLATE Fall 2020, prepare a Statement of Cash Flows, in proper form, using the direct method for the Cash Flows from Operating Activities. Be sure to include the Reconciliation as part of your statement (placed at the bottom of the statement).