Matthew Interiors began the year with cash of $53,000. During the year, Matthew Interiors earned service revenue of $418,000. Cash collections for the year were $375,000. Expenses for the year were $360,000, with $345,000 of that total paid in cash. The company also used cash to purchase equipment for $60,000 and to pay a cash dividend to stockholders of $30,000. During the year, the company also borrowed $44,000 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.)