Condensed financial data of ABC Company follow:

Prepare a statement of cash flows using the direct method.

Comparative Balance Sheets December 31 Assets 2022 2021 Cash $ 48,480 $ 29,040 Accounts receivable 52,680 22,800 Inventory 67,500 61,710 Prepaid expenses 17,040 15,600 Long-term investments 82,800 65,400 Plant assets 171,000 145,500 Accumulated depreciation (30,000) (31,200) Total $409,500 $308,850 Liabilities and Stockholders' Equity Accounts payable $61,200 $ 40,380 Accrued expenses payable 9,900 12,600 Bonds payable 66,000 87,600 Common stock 132,000 105.000 m Retained earnings 140,400 63,270 Total $409,500 $308.850 Income Statement Data For the Year Ended December 31, 2022 Sales revenue $233,076 Less: Cost of goods sold $81,276 Operating expenses, excluding depreciation 7,446 Depreciation expense 27.900 Income tax expense 16,368 Interest expense 2,838 Loss on disposal of plant assets 4,500 140,328 Net income $92,748 Additional information: 1. New plant assets costing $60,000 were purchased for cash during the year. 2. Old plant assets having an original cost of $34,500 and accumulated depreciation of $29,100 were sold for $900 cash. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of $15,618 was declared and paid during the year. Further analysis reveals that accounts payable pertain to merchandise greditors