The following transactions occurred during March 2018 for the Wainwright Corporation. The company owns and operates a wholesale warehouse 1 Issued 49,000 shares of capital stock in exchange for $490,000 in cash 2 Purchased equipment at a cost of $78,000 $29,000 cash was paid and a note payable was signed for the balance owed inventory on account at a cost of $128,000 The company uses the perpetual inventory system 4 Credit sales for the month totaled $139,000. The cost of the goods sold was $89,000 5. Paid $6,900 in rent on the warehouse building for the month of March 6 Paid $7900 to an insurance company for fre and liability insurance for a one-year period beginning April 1, 2018 8 Collected $74,000 from customers on account 9 Recorded depreciation expense of $2,900 for the month on the equipment Required transaction can represent more than one type of activity) 2. Prepare a statement of cash flows, using the direct method to present cash flows from operating activities Assume the cash balance at the beginning of the month was $59,000 Required 1 Required 2 Prepare a statement of cash flows, using the direct method to present cash flows fro cash balance at the beginning of the month was $59,000. (Amounts to be deducted s WAINWRIGHT CORPORATION Statement of Cash Flows For the Month Ended March 31, 2018