Looney Company is in the process of preparing financial statements for the year ended 12/31/X9. The income statement as of 12/31/X9 and comparative balance sheets are presented below. Note that the Balance Sheet is presented with the most current year first, as is done in practice.

The following additional information has been assembled by Looneys accounting department:

a. Equipment was purchased for $90. b. Long-term debt of $70 was issued for cash. c. Looney issued eleven shares of common stock for cash during 20X9.

Prepare Looneys statement of cash flows as of 12/31/X9 using the direct method.

Looney Company Income Statement As of 12/31/X9 Sales Cost of Goods Sold Gross Profit Selling and Administrative Expenses Depreciation Expense Earnings Before Interest and Taxes Interest Expense Earnings Before Tax Tax Expense Net Income $6,328 (4,740) 1,588 (895) (140) 553 (100) 453 (108) $345 Looney Company Balance Sheet December 31, 20X9 and 20x8 20X9 20X8 Assets Cash Accounts Receivable Inventories Property, Plant, and Equipment Less: Accumulated Depreciation $485 960 1,580 1,710 (390) $98 990 1,802 1,620 (250) Total Assets $4,345 $4,260 Liabilities and Owners' Equity Accounts Payable Interest Payable Income Tax Payable Long-Term Debt $200 50 120 1,500 $545 80 130 1,430 Total Liabilities $1,870 $2,185 Capital in Excess of Par Common Stock, $1 Par Retained Earnings 1,164 291 1,020 1,120 280 675 Total Owners' Equity $2,475 $2,075 Total Liabilities and Equity $4,345 $4,260