Condensed financial data of Blue Spruce Corp. follow. Blue Spruce Corp. Comparative Balance Sheets December 31 Assets 2019 2018 Cash $100,800 $47,900 Accounts receivable 91,500 33,700 Inventory 112,100 103,000 Prepaid expenses 29,400 25,200 Investments 140,600 113,000 Equipment 270,700 242,300 Accumulated depreciation equipment (46,900) (52,500) Total $698,200 $512,600 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings Total $112,000 $67,100 16,100 17,100 111,500 149,700 220,700 174,100 237,900 104,600 $698,200 $512,600 $392,700 Blue Spruce Corp. Income Statement For the Year Ended December 31, 2019 Sales revenue Less: Cost of goods sold $135,000 Operating expenses, excluding depreciation 11,300 Depreciation expense 37,800 Income tax expense 27,600 Interest expense 4,700 Loss on disposal of plant assets 6,900 223,300 $169,400 Net income $392,700 Blue Spruce Corp. Income Statement For the Year Ended December 31, 2019 Sales revenue Less: Cost of goods sold $135,000 Operating expenses, excluding depreciation 11,300 Depreciation expense 37,800 Income tax expense 27,600 Interest expense 4,700 Loss on disposal of plant assets 6,900 Net income 223,300 $169,400 Additional information: 1. New equipment costing $80,000 was purchased for cash during the year. 2. Old equipment having an original cost of $51,600 was sold for $1,300 cash. 3. Bonds matured and were paid off at face value for cash. 4. A cash dividend of $36,100 was declared and paid during the year. Further analysis reveals that accounts payable pertain to merchandise creditors. Prepare a statement of cash flows for Blue Spruce Corp. using the direct method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Blue Spruce Corp. Statement of Cash Flows For the Year Ended December 31, 2019 December 31, 2019 For the Month Ended December 31, 2019 $ cash payments: $ cash payments: Add Less $