Davis Company has the following calendar-year information: S 125,000 220,000 .280,000 4,000 36,000 530,000 15,000 100,000 25,000 35,000 Cash paid for merchandise inventory........... Cash paid for operating expenses. Cash paid for interes Cash received from stock issuance............................... Cash proceeds from sale of land.... Cash borrowed on a long-term not Cash balance at beginning of year.... 40,000 Required: Prepare a complete statement of cash flows using the direct method. (20 points possible.)