Direct: Preparing statement of cash flows and supporting note Use the following information about Ferron Company to prepare a complete statement of cash flows (direct method) for the current year ended December 31. Use a note disclosure for any noncash investing and financing activities. Include formulas for each section Cash and cash equivalents, Dec. 31 prior year-end Cash and cash equivalents, Dec. 31 current year-end Cash received as interest Cash paid for salaries Bonds payable retired by issuing common stock (no gain or loss on retirement) Cash paid to retire long-term notes payable Cash received from sale of equipment Cash received in exchange for six-month note payable Land purchased by issuing long-term note payable Cash paid for store equipment Cash dividends paid Cash paid for other expenses Cash received from customers Cash paid for inventory $ 40,000 148,000 3,500 76,500 185,500 100,000 60,250 35,000 105,250 24,750 10,000 20,000 495,000 254,500