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8. The accounting staff of Tele Gift Corporation has assembled the following information for the year ended December 31, 2015: Payments on accounts payable to merchandise suppliers..... 2,036,000 Collection on Account Receivable.............. 3,193,000 Cash transferred from the money market fund to the general bank account.. 180,000 Interest & Dividends received.... 40,000 Purchases (all on account). 1,950,000 Cash payments for operating expenses.. 822,000 Interest paid... 99,000 Income taxes paid...... 180,000 Loans made to borrowers. 220,000 Credit Sales......... .3,420,000 Collections on loans 145,000 Cash paid to acquire plant assets.. 1,640,000 Book value of plant assets sold... 70,000 Gain on sales of plant assets.... 35,000 Cash sales.......... .$402,000 Proceeds from issuing capital stock. 1,355,000 Dividends paid......... 180,000 Cash and cash equivalents, beginning of year. 297,000 Cash and cash equivalents, end of year....... 360,000 . PREPARE A STATEMENT OF CASH FLOWS, USE THE DIRECT METHOD