Presented below are the financial statements of Sage Hill Company. Sage Hill Company Comparative Balance Sheets December 31 Assets 2022 Cash $ 56,000 Accounts receivable 32,000 Inventory 44,800 Property, plant, and equipment 96,000 Accumulated depreciation (51,200 ) Total $177,600 2021 $ 32,000 22,400 32,000 124,800 (38,400 $172,800 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $ 30,400 11,200 27,200 28,800 80,000 $177,600 $ 24,000 12,800 52,800 22,400 60,800 $172,800 $387,200 280,000 107,200 Sage Hill Company Income Statement For the Year Ended December 31, 2022 Sales revenue Cost of goods sold Gross profit Selling expenses $28,800 Administrative expenses 9,600 Income from operations Interest expense Income before income taxes Income tax expense Net income 38,400 68,800 4,800 64,000 12,800 $ 51,200 Additional data: 1. Depreciation expense was $28,000. 2. Dividends declared and paid were $32,000. 3. During the year equipment was sold for $13,500 cash. This equipment cost $28,800 originally and had accumulated depreciation of $15,200 at the time of sale. 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 Sage Hill Company using the direct method. (Show amounts in the investing and financing sections that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)