Monty Company Comparative Balance Sheets December 31 2016 2017 Assets Cash Accounts receivable Inventory Property, plant, and equipment Accumulated depreciation Total $122,500 $70,000 70,000 49,000 98,000 70,000 210,000 273,000 (112,000) (84,000) $388,500 $378,000 Liabilities and Stockholders'Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $66,500 $52,500 24,500 28,000 59,500 115,500 63,00049,000 175,000 133,000 $388,500 $378,000 esc FS F6 Income Statement 31, 2017 Sales r $847.000 Gross profht 234,500 $63000 150,500 Further analysis reveals the following 1 Accounts payable pertain to merchandise suppliers 2. All operating expenses except for depreciation were paid in cash. 3. All depreciation expense is in the selling expense category. 4. All sales and purchases are on account. Prepare a statement of cash flows for Monty Company using the direct method. (Show amounts in the investing and financing sections that de either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Monty Company Statement of Cash Flows For the Year Ended December 31, 2017 112,000 Less: Cash P Cash Flows from Operating Activities 112000 Less Cash Payments For Interest For Income Taxes For Operating Expense To Suppliers Net Cash Provided by Operating Activities Cash Flows from Investing Activities Sale of Equipment 29,750 Cash Flow from Financing Activities 70,000 esc yOperating Activities t 29,750 Financing Activities 70,000 Payment of Dividends ssuance of Common Stock 14,000 Net Cash Provided by Financing Activities Net Increase in Cash Cash at Beginning of Period 70,000 Cash at End of Period esc