Use the following information about the cash flows of Valencia Company to prepare a complete statement of cash flows (DIRECT METHOD) for the year ended December 31, 2011. Use a note disclosure for any noncash investing and financing activities. Cash and cash equivalents balance, December 31, 2010: $43,000 Cash and cash equivalents balance, December 31, 2011: $120,916 Cash received as interest: $4,300 Cash paid for salaries: $124,700 Bonds payable retired by issuing common stock (no gain or loss on retirement): $180,000 Cash paid to retire long-term notes payable: $215,000 Cash received from sale of equipment: $105,350 Cash received in exchange for six-months note payable: $43,000 Land purchased by issuing long-term note payable: $104,400 Cash paid for store equipment: $40,850 Cash dividends paid: $25,800 Cash paid for other expenses: $68,800 Cash received from customers: $834,000 Cash paid for merchandise: $433,784