Michael interiors began the year with cash of $50,000. During the year, Michael Interiors earned service revenue of $420,000. Cash coctions for the year were $380,000. Expenses for the year were $375,000, with $360,000 of that total paid in cash. The company also used cash to purchase equipment for $60,000 and to pay a cash dividend to stockholders of $24,000. During the year, the company also borrowed $58,000 cash by issuing a long-term note payable. Requirement Prepare the company's statement of cash flows using the direct method. Prepare the statement one section at a time. (Use parentheses or a minus sign for numbers to be subtracted, net cash outflows and decreases in cash.) Michael Interiors Statement of Cash Flows (Direct Method) For the Year Ended December 31 For Operating Activities: Choose from any list or enter any number in the input fields and then click Check Answer bu i wide paid in cash. The company also used L. M du to pay a cash dividend to stockholders of $24,000. During the year, the company also borrowed long-term note payable. Requirement Prepare the company's statement of cash flows using the direct method. Statement of Cash Flows (Direct Method) For the Year Ended December 31 Operating Activities: Net cash provided by (used for) operating activities Choose from any list or enter any number in the input fields and then click Check