Please Prepare "T" accounts and prepare a statement of cash flows for 2016 using the direct method. Details see attached file.

The following are comparative balance sheets and on income statement for Wentworth Company. Wentworth Company Balance Sheets as of December 31 Assets 2006 Cash $ 21,500 $120,000 Accounts receivable 195,000 105,000 Inventory 180,000 225,000 0 60,000 $396,500 $510,000 $ 75,000 $120,000 Operating expenses payable 24,000 15,000 Bonds payable 70,000 100,000 Common stock 125,000 125,000 Retained earnings 102,500 150,000 $396,500 $510,000 Longterm investments Totals 2005 Liabilities and shareholders' equity Accounts payable Totals Wentworth Company Income Statement For the Year Ended December 31, 2006 Sales Cost of goods sold: Beginning inventory Purchases Goods available for sale Less: ending inventory Cost of goods sold Gross profit Operating expenses $560,000 $225,000 330,000 555,000 180,000 375,000 185,000 180,000 Income from operations Other expenses: Loss on sale of long-term investment Net loss 5,000 (7,500 ) $ (2,500 ) Cash dividends of $45,000 were paid in 2006. Prepare the \"T\" accounts and Prepare a statement of cash flows for 2006 using the direct methods