Statement of Cash Flows (Direct Method) Use the following information regarding the cash flows of Gilbert Corporation to prepare a statement of cash flows using the direct method: Cash balance, December 31 $36,000 Cash paid to employees and suppliers 181,200 Cash received from sale of equipment 117,600 Cash paid to retire bonds payable 84,000 Cash balance, January 1 Cash paid as interest Cash paid as income taxes 24,000 8,400 1 28,800 Cash paid to purchase patent Cash received from customers 79,200 259,200 Cash received from issuing common stock 42.000 Cash paid as dividends 25,200 Hint: Enter Cash outflows as negative numbers GILBERT CORPORATION Statement of Cash Flows For Year Ended December 31 Cash Flow from Operating Activities Cash Received from Customers $ 0 Cash Paid as Interest 0 Cash Paid to Employees and Suppliers 0 Cash Paid as Income Taxes 0 0 Cash Provided by Operating Activities Cash Flow from Investing Activities Purchase of Patent 0 0 Sale of Equipment Cash Provided by Investing Activities Cash Flow from Financing Activities 0 0 Retirement of Bonds Payable 0 Issuance of Common Stock Payment of Dividends 0 0 Cash Used by Financing Activities 0 Net Change in Cash 0 Cash at Beginning of Year Cash at End of Year 0 0