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n21 20X2 II. Statement of Cash Flows: Direct Method The following balance sheets are taken from the records of Golding: 20X1 Assets Cash $130,000 Accounts receivable 25,000 Plant and equipment 50,000 Accumulated depreciation (20,000) Land 10,000 Total assets $195.000 $150,000 20,000 60,000 (25.000) 10,000 $215,000 20X1 20X2 Liabilities and equity Accounts payable $ 10,000 $5,000 Bonds payable 8,000 18,000 Common stock 120,000 120,000 Retained carings 57,000 72,000 Total liabilities and equity $195,000 $215.000 Additional information is as follows: Equipment costing $10,000 was purchased at year- end. No equipment was sold. Net income for the year was calculated as follows: Revenues $ 500,000 Cost of goods sold (375,000) Depreciation expense (5,000) Other expenses (95,000) Net income 25,000 Dividends paid were $10,000. Required: Prepare a statement of operating cash flows using the direct method