The income statement and additional data of Cobbs Hill, Inc., (Click the icon to view the income statement.) follow: (Click the icon to view the add Read the requirements. Data table Cobbs Hill, Inc. Requirement 1. Prepare Cobbs Hill's statement of cash flows and accompanying schedule Start by completing the cash flows from operating activities. Then complete the rest of the sta Cobbs Hill, Inc. Statement of Cash Flows (Direct Method) Revenues: Income Statement Year Ended April 30, 2021 Sales revenue Year Ended April 30, 2021 Cash flows from operating activities: Receipts: Total cash receipts Payments: Total cash payments Net cash provided by (used for) operating activities $ 254,000 8,500 Dividend revenue $ 262,500 Expenses: Cost of goods sold 110,000 Salary expense 70,000 Depreciation expense 27,000 Advertising expense 10,000 Interest expense 3,500 9,500 230,000 Income tax expense $ 32,500 Net income Print Done More info Additional data: a. Collections from customers are $14,500 more than sales. b. Payments to suppliers are $1,300 more than the sum of cost of goods sold plus advertising expense. c. Payments to employees are $3,000 more than salary expense. d. Dividend revenue, interest expense, and income tax expense equal their cash amounts. e. Acquisition of plant assets is $192,000. Of this amount, $115,000 is paid in cash and $77,000 is financed by signing a long-term note payable. f. Proceeds from the sale of land totaled $28,000. g. Proceeds from the issuance of common stock totaled $78,000. h. Payment of a long-term note payable is $13,000. i. Payment of dividends is $7,000. j. Cash balance, April 30, 2020, was $27,000. Requirements 1. Prepare Cobbs Hill's statement of cash flows and accompanying schedule of noncash investing and financing activities. Report operating activities using the direct method. 2. Evaluate the company's cash flows for the year. In your evaluation, mention all three categories of cash flows and give the rationale for your evaluation. cash.)