Kelley Corporation's current year income statement, comparative balance sheets, and additional information follow. For the year, $(1)$ all

sales are credit sales, $(2)$ all credits to Accounts Receivable reflect cash receipts from customers, $(3)$ all purchases of inventory are on

credit, $(4)$ all debits to Accounts Payable reflect cash payments for inventory, $(5)$ Other Expenses are all cash expenses, and $(6)$ any

change in Income Taxes Payable reflects the accrual and cash payment of taxes.

Additional Information on Current Year Transactions

a$.$ Purchased equipment for $$49,000$ cash.

b$.$ Issued $22,000$ shares of common stock for $$5$ cash per share.

c$.$ Declared and paid $$69,310$ in cash dividends.

General Journal tab $-$ Reconstruct the entries to summarize the activity between December $31,$ prior year and December

$31,$ current year.

Direct Method tab $-$ Prepare the Statement of Cash flows for the year ended December $31,$ current year using the direct

method.

Indirect Method tab $-$ Prepare the reconciliation to the indirect method.