Instant Brake Inc.s comparative balance sheet information at December 31, 2023 and 2022, and its income statement for the year ended December 31, 2023, are as follows: Instant Brake Inc. Income Statement December 31, 2023 Sales $ 877,000 Cost of goods sold 572,000 Gross profit $ 305,000 Operating expenses $ 132,680 Depreciation expense 41,240 173,920 Operating Profit 131,080 Loss on sale of equipment 11,580 Investment income 18,520 Profit before taxes 138,020 Income taxes 16,000 Profit $ 122,020 Instant Brake Inc. Balance Sheet Information December 31 2023 2022 Net Change Cash $ 44,000 $ 24,160 $ 19,840 Cash equivalents 24,280 8,800 15,480 Accounts receivable 87,520 33,440 54,080 Inventory 113,440 79,520 33,920 Investment 0 24,280 (24,280 ) Land 76,000 76,000 0 Building and equipment 423,240 441,760 (18,520 ) Accumulated depreciation 114,080 92,960 21,120 Accounts payable 12,480 37,000 (24,520 ) Dividends payable 1,600 1,000 600 Bonds payable 20,000 0 20,000 Preferred shares 80,800 80,800 0 Common shares 405,280 405,280 0 Retained earnings 134,240 70,920 63,320 During 2023, the following transactions occurred: Purchased equipment for $20,600 cash. Sold the investment on January 1, 2023, for $42,800, resulting in investment income of $18,520. Sold equipment for $7,420 cash that had originally cost $39,120 and had $20,120 of accumulated depreciation. Issued $20,000 of bonds payable at face value. Other information: All sales are credit sales. All credits to accounts receivable in the period are receipts from customers. All purchases of merchandise are on credit. All debits to accounts payable in the period result from payments for merchandise. Other operating expenses are cash expenses. Income taxes are cash expenses. Required: Prepare a statement of cash flows for 2023 using the direct method to report cash inflows and outflows from operating activities. (List any deduction in cash and cash outflows as negative amounts.)