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 $45,000 Cash paid to employees and suppliers 226,500 Cash received from sale of equipment 147,000 Cash paid to retire bonds payable 105,000 Cash balance, January 1 Cash paid as interest Cash paid as income taxes 30,000 10,500 36,000 Cash paid to purchase patent Cash received from customers 99,000 324,000 Cash received from issuing common stock 52,500 Cash paid as dividends 31,500 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 0 Cash Flow from Investing Activities Purchase of Patent Sale of Equipment Cash Provided by Investing Activities Cash Flow from Financing Activities 0 0 0 Retirement of Bonds Payable 0 Issuance of Common Stock Payment of Dividends 0 0 Cash Used byFinancing Activities 0 Net Change in Cash 0 Cash at Beginning of Year 0 Cash at End of Year +A $ 0