Condensed financial data of Kingbird, Inc. follow. Kingbird, Inc. Comparative Balance Sheets December 31 Assets 2019 Cash $100,800 Accounts receivable 91,400 Inventory 111,500 Prepaid expenses 29,700 Investments 140,700 Equipment 269,100 Accumulated depreciation equipment (47,600) Total $695,600 2018 $47,100 34,000 102,100 25,700 114,100 241,200 (51,900 ) $512,300 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings Total $111,400 16,000 119,700 220,800 227,700 $695,600 $67,900 17,000 149,200 175,900 102,300 $512,300 $391,000 Income Statement For the Year Ended December 31, 2019 Sales revenue Less: Cost of goods sold $134,600 Operating expenses, excluding depreciation 12,600 Depreciation expense 39,300 Income tax expense 27,100 Interest expense 4,100 Loss on disposal of plant assets 6,600 Net income 224,300 $166,700 Additional information: 1. New equipment costing $79,300 was purchased for cash during the year. 2. Old equipment having an original cost of $51,400 was sold for $1,200 cash. 3. Bonds matured and were paid off at face value for cash. 4. A cash dividend of $41,300 was declared and paid during the year. 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).) cash payments