The following information has been extracted from the accounting records of Max Enterprises. Prepare the statement of cash flows for Monitor Enterprises for the year ended December 31, 2007, using the direct method and including a schedule of noncash investing and financing activities, if necessary. Payments of long-term debt Collections on accounts receivable Acquisition of equipment by issuing long-term note payable $250,000 235,600 80,000 Interest revenue Credit sales Loan collections 15,600 350,600 48,200 Proceeds from sale of investments, not including RM4,200 gain 38,200 Salary expense 105,700 Cash payments to purchase plant assets 52,000 Cost of goods sold 425,000 Collection of interest revenue 15,500 Payment of cash dividends 36,200 Income tax payments 61,500 Proceeds from sale of plant assets, not including RM7,200 loss 32,500 Cash receipt of dividend revenue 20,200 Payment of salaries 95,600 Depreciation expense 72,500 Cash sales 188,000 Proceeds from issuance of common stock 320,000 Loan to another company 70,000 Interest expense payments 41,000 Bonds payable converted into common stock 250,000 Payments to suppliers 285,000 Cash balance: December 31, 2006 55,500 Cash balance: December 31, 2007 62,400