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5. Myran Interiors began the year with cash of $51,000. During the year, Myran Interiors earned service revenue of $404,000. Cash collections for the year were $400,000. Expenses for the year were $390,000, with $375,000 of that total paid in cash. The company also used cash to purchase equipment for $65,000 and to pay a cash dividend to stockholders of $30,000. During the year, the company also borrowed 548,000 cash by issuing a long-term note payable. Requirement Prepare the company's statement of cash flows using the direct method. Prepare the statement one section at a time. (Use parentheses or a minus sign for numbers to be subtracted, net cash outflows, and decreases in cash.) Myran Interiors Statement of Cash Flows (Direct Method) For the Year Ended December 31 Operating Activities: (1) (2) Net cash provided by (used for) operating activities Investing Activities: (3) Net cash provided by (used for) investing activities Financing Activities: (4) (5) Net cash provided by (used for) financing activities Net increase (decrease) in cash Cash, beginning of the year Cash, end of the year (1) O O Payment of dividends O Collections from customers O Payments to suppliers and employees Issued long-term note payable to borrow money Purchase of equipment O Net income O Service revenue earned (2) O O Payment of dividends O Collections from customers O Payments to suppliers and employees Issued long-term note payable to borrow money Purchase of equipment O Net income O Service revenue earned (3) O O Collections from customers Issued long-term note payable to borrow money O Net income O Payment of dividends O Payments to suppliers and employees O Purchase of equipment O Service revenue earned (4) O O Collections from customers Issued long-term note payable to borrow money O Net income O Payment of dividends O Payments to suppliers and employees O Purchase of equipment O Service revenue earned (5) O O Collections from customers Issued long-term note payable to borrow money O Net income O Payment of dividends Payments to suppliers and employees O Purchase of equipment O Service revenue earned
