Following are selected balance sheet accounts of Despacito Corp. at December 31, 2018 and 2017, and the increases or decreases in each account from 2017 to 2018. Also presented is selected income statement information for the year ended December 31, 2018, and additional information.

Selected balance sheet accounts 2018 2017 (Decrease)

Assets:

Accounts receivable $100,000 $ 94,000 6,000

Inventory 55,000 70,000 (15,000)

Prepaid Expenses 30,000 25,000 5,000

Property, plant, and equipment 400,000 200,000 200,000

Accumulated depreciation (200,000) (180,000) 20,000

Deferred tax asset 30,000 40,000 (10,000)

Liabilities and stockholders equity:

Accounts payable 400,000 420,000 (20,000)

Interest payable 8,000 6,000 2,000

Accrued expenses payable 10,000 7,000 3,000

Dividends payable 30,000 25,000 5,000

Taxes payable 45,000 35,000 10,000

Deferred tax liability 18,000 13,000 5,000

Bonds payable 180,000 100,000 80,000

Discount on bonds payable 16,000 8,000 8,000

Common stock, $1 par 40,000 10,000 30,000

Additional paid-in capital 120,000 50,000 70,000

Retained earnings 1,010,000 1,000,000 10,000

Selected income statement information for the year ended December 31, 2018

Sales revenue $800,000

Cost of goods sold 300,000

Operating expenses 200,000

Interest expense 12,000

Depreciation 100,000

Gain on sale of equipment 20,000

Loss on retirement of bonds 10,000

Tax expense 60,000

Net income 80,000

Additional information

-Accounts receivable relates to sales of merchandise.

-During 2018, equipment costing $50,000 was sold for cash.

-During 2018, equipment costing $100,000 with a book value of $40,000 was exchanged for similar equipment.

-During 2018, $60,000 face value bonds payable were issued at $50,000 in exchange for property plant, and equipment. In addition, bonds were issued at par for cash.

-During 2018, $50,000 of bonds payable originally issued at par were retired

-During 2018, 10,000 shares of $1 par common stock were issued for cash.

-During 2018, issued 20,000 shares of $1 par common stock as a result of a stock dividend. The fair value of the shares was $100,000.

REQUIRED: Item 1-11 represents activities that will be reported in Despacitos statement of cash flows for the year ended December 31, 2018. Determine the amount that should be reported in Despacitos 2018 statement of cash flows. Enter your answers in the space below

Items to be answered:

1. Payments for purchase of property plant and equipment _______________
2. Proceeds from sale of equipment _____________
3. Cash dividends paid _____________
4. Cash received from issuance of bonds ________________
5. Cash paid for retirement of bonds __________________
6. Cash received from issuance of common stock _______________
7. Cash paid for taxes ______________________