Problem 5-44 Statement of Cash Flows-Direct Method Based on an analysis of the cash and other accounts, the following information was pro- vided by the controller of Lumbercamp, Inc., a manufacturer of wood-burning stoves, for the year 2008. (a) Cash sales for the year were $150,000; sales on account totaled $180,000. (b) Cost of goods sold was 50% of total sales. (c) All inventory is purchased on account. (d) Depreciation on equipment was $93,000 for the year. (e) Amortization of patent was $6,000. (f) Collection of accounts receivable was $114,000. (g) Payments on accounts payable for inventory equaled $117,000. (h) Rent expense paid in cash was $33,000. (i) Cash of $720,000 was obtained by issuing 60,000 shares of $10 par stock. (1) Land worth $318,000 was acquired in exchange for a $300,000 bond. Equipment was purchased for cash at a cost of $252,000. (k) (1) Dividends of $138,000 were declared. (m) Dividends of $45,000 that had been declared the previous year were paid. (n) A machine used on the assembly line was sold for $36,000. The machine had a book value of $21,000. (0) Another machine with a book value of $1,500 was scrapped and was reported as an ordinary loss. No cash was received on this transaction. (p) The cash account had a balance of $87,000 on January 1, 2008. Instructions: Use the direct method to prepare a statement of cash flows for Lumbercamp, Inc., for the year ended December 31, 2008