Condensed financial data of Kingbird, Inc. follow.

Additional information:

New plant assets costing $$80,500$ were purchased for cash during the year.

Old plant assets having an original cost of $$47,000$ and accumulated depreciation of $$37,000$ were sold for $$2,500$ cash.

Bonds payable matured and were paid off at face value for cash.

A cash dividend of $$28,700$ was declared and paid during the year.

Further analysis reveals that accounts payable pertain to merchandise creditors.

Further analysis reveals that accounts payable pertain to merchandise creditors.

Prepare a statement of cash flows for Kingbird, Inc. using the direct method. $($Show amounts that decrease cash flow with either a $-$ sign

e$.$g$.-15,000$ or in parenthesis e$.$g$.(15,000).)$

Kingbird, Inc.

Statement of Cash Flows

For the Year Ended December $31,2022$

Cash Flows from Operating Activities