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use the following financial statement an additional information.

MYCONOS INCORPORATED Income Statement Sales For Year Ended June 30, 2021 Cost of goods sold Gross profit Operating expenses Depreciation expense other expenses Total operating expenses other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income $819,000501,000318,000 $69,000 79,000 170,000$148,000 3,500173,50053,110$120,390 Additional Information a. A $40,000 note payable is retired at its $40,000 carrying (book) value in exchange for cash. b. The only changes affecting retained earnings are net income and cash dividends paid. c. New equipment is acquired for $68,000 cash. d. Received cash for the sale of equipment that had cost $56,000, yielding a $3,500 gain. e. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement. f. All purchases and sales of inventory are on credit. Prepare the Statement of Cash flows for the year ended June 30, 2021 using the Direct Method. Hint Use the Cash Taccount on the General Ledger tab to identify the sources and uses of cash. List cash outflows as negative values. Prepare the operating activities section of the statement of cash flows using the indirect method. Enter reductions to net cash provided by operating activities as negative values