sh flows wating. $607,790 PR 16-48 Statement of cash flows-direct method Appendix 2 The comparative balance sheet of Suffridge Inc. for December 31, 20Y4 and 2013, is follows: OW HOW Cash.. Accounts receivable (net) Inventories Assets Dec. 31, 2014 $ 790,090 1,185,1001 Dec. 31,20 $ 815,600 1,091,700 1,664,800 1,628.200 0 515.800 1,146,100 Investments. Land. 1,461,300 1,174,800 (574,800) (439 800 Equipment.. Accumulated depreciation-equipment.. $5,672,590 54.786.300 Total assets. Liabilities and Stockholders' Equity $1,289,4001 $1,154,000 80,900 94,500 Accounts payable... 120,300 Accrued expenses payable.. 108,900 155,200 35,800 Dividends payable 1,134,200 Common stock, $5 par 537,300 Paid-in capital in excess of par 2,892,590 2,855,700 $5,672,590 $4,786,300 Retained earnings.... Total liabilities and stockholders' equity... The income statement for the year ended December 31, 20Y4, is as follows: $5,386,900 2.808.100 Sales Cost of merchandise sold... $2,578,800 $ 135,000 1,605,610 Gross profit... Operating expenses: Depreciation expense... Other operating expenses.. Total operating expenses.... Income from operations... Other income: Gain on sale of investments.. Income before income tax. Income tax expense... Net income..... 1,740,610 $ 838,190 186.200 $1,024,390 357,100 $ 667.290 Additional data obtained from an examination of the accounts in the ledger for 2014 are as follows: a. Equipment and land were acquired for cash. b. There were no disposals of equipment during the year. c. The investments were sold for $702,000 cash. d. The common stock was issued for cash. e. There was a $630,400 debit to Retained Earnings for cash dividends declared. Instructions Prepare a statement of cash flows, using the direct method of presenting cash flows from (used for) operating activities.