Statement of Cash Flows (Direct Method) Use the following information regarding the cash flows of Jack Corporation to prepare a statement of cash flows using the direct method: Cash balance, December 31 $26,000 Cash paid to employees and suppliers 151,000 Cash received from sale of equipment 91,000 Cash paid to retire bonds payable 70,000 Cash balance, January 1 Cash paid as interest Cash paid as income taxes 20,000 4,000 24,000 Cash paid to purchase patent 76,000 Cash received from customers 221,000 Cash received from issuing common stock 35,000 Cash paid as dividends 16,000 HINT: Enter cash outflow answers as negative numbers.