The accounting staff of GTA Company has assembled the following information for the year ended December 31 of the current year. Cash sales Credit sales Collections on accounts receivable Cash transferred from the money market fund to the bank account Payments on accounts payable to merchandise suppliers Interest and dividends received Purchases (all on account) Cash payments for operating expenses Interest paid $ 250,000 3,450,000 2,910,000 200,000 40,000 1,822,000 1,220,000 Income taxes paid Loans made to borrowers Collections on loans (excluding receipts of interest) Cash paid to acquire plant assets Book value of plant assets sold 830,000 150,000 75,000 690,000 300,000 1,700,000 520,000 30,000 2,100,000 250,000 Loss on sales of plant assets Proceeds from issuing bonds payable Dividends paid Cash and cash equivalents, Jan. 1 Instructions 278,000 Prepare a statement of cash flows. Place brackets around amounts representing cash outflows. Use the direct method of reporting cash flows from operating activities. Please also indicate the supporting calculations!