During the year, a piece of equipment that originally cost $$53,100$ was sold for cash. The equipment was $70\%$

depreciated at the time of the sale.

Long$-$term investments were purchased for cash during the year.

Prepare a statement of cash flows, in good form, for Novak Inc., using the direct method. Novak Inc. follows ASPE.

$($Show amounts that decrease cash flow with either a negative sign e$.$g$.-15,000$ or in parenthesis e$.$g$-$

$(15,000).$

Nowak Inc

Statement of Cash Flows

For the Year Ended April $30,2023$

Cash Flows from Operating Activities

Cash Received from Customers

$

Cash Paid to Suppliers

Cash Paid for Interest

Cash Paid for Taxes

Net Cash Provided by Operating Activities

Cash Flows from Irvesting Activities

Sale of Equipment

Purchase of Equipment

Purchase of Long$-$Term Investment $*$

Cash Flows from Financing ActivitiesNovak Inc. reported the following information at the end of its $2023$ fiscal year.

ADDITIONAL INFORMATION:

Depreciation expense is included in "operating expenses." All accounts payable transactions were related to the

purchase of inventory.