Using the following income statement and additional year-end information. $1,828,000 991,000 837,000 SONAD COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Salaries expense $245,535 Depreciation expense 44,200 Rent expense 49,600 Amortization expenses-Patents 4,200 Utilities expense 18,125 Gain on sale of equipment Net income 361,660 475, 340 6,200 481,540 $ Accounts receivable Inventory $30,500 increase 25,000 increase Accounts payable Salaries payable $12,500 decrease 3,500 decrease Prepare the operating activities section of the statement of cash flows using the direct method. (Amounts to be deducted should be indicated with a minus sign.) Statement of Cash Flows (Partial) Cash flows from operating activities Cash and cash equivalents, Dec. 31 prior year-end Cash and cash equivalents, Dec. 31 current year-end Cash received as interest Cash paid for salaries Bonds payable retired by issuing common stock (no gain or loss on retirement) Cash paid to retire long-term notes payable Cash received from sale of equipment Cash received in exchange for six-month note payable Land purchased by issuing long-term note payable Cash paid for store equipment Cash dividends paid Cash paid for other expenses Cash received from customers Cash paid for inventory $ 40,000 148,000 3,500 76,500 185,500 100,000 60, 250 35,000 105,250 24,750 10,000 20,000 495,000 254,500 Use the above information about Ferron Company to prepare a complete statement of cash flows (direct method) for the current year ended December 31. (Amounts to be deducted should be indicated with a minus sign.) FERRON COMPANY Statement of Cash Flows For Year Ended December 31 Cash flows from operating activities Cash flows from investing activities Cash flows from financing activities Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year Noncash investing and financing activities