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Shamrock Company, a major retailer of bicycles and accessories, operates several stores and is a publicly traded company. The comparative balance sheet and income statement for Shamrock as of May 31, 2020, are as follows. The company is preparing its statement of cash flows. 2019 SHAMROCK COMPANY COMPARATIVE BALANCE SHEET AS OF MAY 31 2020 Current assets Cash $28,000 Accounts receivable 75,500 Inventory 218,600 Prepaid expenses 9,000 Total current assets 331,100 $19,800 57,600 250,900 7,100 335,400 Plant assets Plant assets Less: Accumulated depreciation-plant assets Net plant assets Total assets 594,700 151,100 443,600 $774,700 506,500 124,700 381,800 $717,200 Current liabilities Accounts payable Salaries and wages payable Interest payable Total current liabilities $122,000 $113,900 47,3007 1,300 27,000 24,900 196,300 210,100 Long-term debt Bonds payable Total liabilities 70,000 266,300 100,000 310,100 Stockholders' equity Common stock, $10 par Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 370,000 138,400 508,400 $774,700 280,000 127,100 407,100 $717,200 SHAMROCK COMPANY INCOME STATEMENT FOR THE YEAR ENDED MAY 31, 2020 Sales revenue $1,260,800 Cost of goods sold 723,000 Gross profit 537,800 Expenses Salaries and wages expense Interest expense Depreciation expense Other expenses Total expenses Operating income Income tax expense Net income 253,500 74,600 26,400 8,200 362,700 175,100 42,700 $132,400 The following is additional information concerning Shamrock's transactions during the year ended May 31, 2020. 1. All sales during the year were made on account. 2. All merchandise was purchased on account, comprising the total accounts payable account. 3. Plant assets costing $88,200 were purchased by paying $19,200 in cash and issuing 6,900 shares of stock. 4. The "other expenses" are related to prepaid items. 5. All income taxes incurred during the year were paid during the year. 6. In order to supplement its cash, Shamrock issued 2,100 shares of common stock at par value. - Cash dividends of $121,100 were declared and paid at the end of the fiscal year. Prepare a statement of cash flows for Shamrock Company for the year ended May 31, 2020, using the direct method. (A reconciliation of net income to net cash provided is not required.) (Show amounts in the nvesting and financing sections that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) SHAMROCK COMPANY Statement of Cash Flows (Partial) For the Year Ended December 31, 2020 Cash Flows from Operating Activities 1,242,900 Cash Received from Customers Cash payments: Cash Payment to Suppliers 682,600 Cash Payment to Employees 277,500 Cash Payment for Other Expenses 10,100 Cash Payment for Interest 72,500 Cash Payment for Income Taxes 42,700 1,085,400 Net Cash Provided by Operating Activities 157,500 Cash Flows from Investing Activities Purchase of Plant Assets (19,200) Purchase of Plant Assets (19,200) Cash Flows from Financing Activities Cash Paid to Retire Bonds Payable (30,000) Cash Paid for Dividends (121,100) Cash Received from Common Stock Issue 21,000 Net Cash Provided by Financing Activities (131,100) Net Increase in Cash 7,200 19,800 Cash, May 31, 2020 28,000 Using the indirect method, calculate only the net cash flow from operating activities for Shamrock Company for the year ended May 31, 2020. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) SHAMROCK COMPANY Statement of Cash Flows (Partial) Adjustments to reconcile net income to