Problem 12-10A Condensed financial data of Pina Colada Corp. follow. Pina Colada Corp. Comparative Balance Sheets December 31 Assets 2019 2018 Cash $99,400 $47,900 Accounts receivable 91,200 33,600 Inventory 111,900 102,900 Prepaid expenses 29,900 25,300 Investments 140,400 114,800 Equipment 269,300 241,900 Accumulated depreciation-equipment (46,500 ) (52,700 ) Total $695,600 $513,700 Liabilities and Stockholders Equity Accounts payable $112,000 $68,000 Accrued expenses payable 16,300 17,000 Bonds payable 119,000 149,200 Common stock 221,000 174,700 Retained earnings 227,300 104,800 Total $695,600 $513,700 Pina Colada Corp. Income Statement For the Year Ended December 31, 2019 Sales revenue $392,000 Less: Cost of goods sold $135,900 Operating expenses, excluding depreciation 12,900 Depreciation expense 38,500 Income tax expense 26,700 Interest expense 4,000 Loss on disposal of plant assets 6,800 224,800 Net income $167,200 Additional information: 1. New equipment costing $80,200 was purchased for cash during the year. 2. Old equipment having an original cost of $52,800 was sold for $1,300 cash. 3. Bonds matured and were paid off at face value for cash. 4. A cash dividend of $44,700 was declared and paid during the year. Further analysis reveals that accounts payable pertain to merchandise creditors. Prepare a statement of cash flows for Pina Colada Corp. using the direct method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Pina Colada Corp. Statement of Cash Flows $ cash payments: $