Laughlin Horse Farms, Inc., began 2018 with cash of $160,000. During the year, Laughlin earned service revenue of $591,000 and collected $490,000 from customers. Expenses for the year totaled $315,000, with $300,000 paid in cash to suppliers and employees. Laughlin also paid $144,000 to purchase equipment and paid a cash dividend of $51,000 to stockholders. During 2018 , Laughlin borrowed $28,000 by issuing a note payable. Prepare the company's statement of cash flows for the year ending December 31,2018 . Format operating activities using the direct method. Start by completing the cash flows from operating activities. Then complete the rest of the statement of cash flows. (Use parentheses or a minus sign for numbers to be subtracted and for a net decrease in cash.) Laughlin Horse Farms, Inc. Statement of Cash Flows (Direct Method) Year Ended December 31, 2018 Cash flows from operating activities: Net cash provided by (used for) operating activities