Miguel Interiors began the year with cash of $50,000. During the year, Miguel Interiors earned service revenue of $404,000. Cash collections for the year were $380,000. Expenses for the year were $385,000, with $370,000 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 $20,000. During the year, the company also borrowed $54,000 cash by issuing a long-term note payable. Requirement Prepare the company's statement of cash flows using the direct method. Statement of Cash Flows (Direct Method) For the Year Ended December 31 Operating Activities: Net cash provided by (used for) operating activities Investing Activities: Net cash provided by (used for) investing activities Financing Activities: Net cash provided by (used for) financing activities Net increase (decrease) in cash Cash, beginning of the year Cash, end of the year W Activate Windows Go to Settings to activate Next