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. As your reconstructed entries are recorded, you will explain the changes in the beginning and ending balances for each account. 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. Begin by selecting "Post-closing" from the drop-down menu. Verify that each balance agrees with the June 30 , 2021 balance sheet above. Use the following financial statements and additional information. Additional Information a. A $35,000 note payable is retired at its $35,000 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 $66,000 cash. d. Received cash for the sale of equipment that had cost $55,000, yielding a $3,100 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. Using the income statement, the comparative balance sheet, and the additional information given above, reconstruct the entries for the summarized activity of the current fiscal year. Upon completion, the trial balance tab should agree with the June 30, 2021 balances. Journal entry worksheet Reconstruct the journal entry for cash receipts from customers, incorporating the change in the related balance sheet account(s), if any. Note: Enter debits before credits. 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. As your reconstructed entries are recorded, you will explain the changes in the beginning and ending balances for each account. 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. Begin by selecting "Post-closing" from the drop-down menu. Verify that each balance agrees with the June 30 , 2021 balance sheet above. Use the following financial statements and additional information. Additional Information a. A $35,000 note payable is retired at its $35,000 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 $66,000 cash. d. Received cash for the sale of equipment that had cost $55,000, yielding a $3,100 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. Using the income statement, the comparative balance sheet, and the additional information given above, reconstruct the entries for the summarized activity of the current fiscal year. Upon completion, the trial balance tab should agree with the June 30, 2021 balances. Journal entry worksheet Reconstruct the journal entry for cash receipts from customers, incorporating the change in the related balance sheet account(s), if any. Note: Enter debits before credits