To prepare the cash flow statement, accountants for Tofino Inc. have summarized activity for the year 2014 in two accounts as follows:

Tofino Inc.'s income statement and selected balance sheet data follow:

TOFINO INC.
Balance Sheet Data
For the Year Ended December 31, 2014
Increase (Decrease)
Current assets
Cash and cash equivalents.............................................$ ?
Accounts receivable................................................33,120
Inventories.........................................................(14,160)
Prepaid expenses......................................................$ 720
Loan receivable.....................................................(39,600)
Long-term investments............................................(35,160)
Plant and equipment, net.............................................8,520
Land...................................................................97,320
Current liabilities
Accounts payable..................................................$(41,160)
Interest payable.........................................................2,280
Salaries payable........................................................8,400
Other accrued liabilities..............................................12,480
Income tax payable............................................. ....(3,240)
Long-term debt.....................................................(96,360)
Common shares....................................................133,200
Retained earnings...................................................93,960
Required
1. Prepare the cash flow statement of Tofino Inc. for the year ended December 31, 2014, using the direct method to report operating activities. Also prepare a summary of noncash investing and financing activities that will be part of a note to the financial statements.
2. Use the data from Tofino Inc.'s 2014, income statement and the selected balance sheet data to prepare a supplementary schedule showing cash flows from operating activities by the indirect method. All activity in the current accounts results from operations.

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Cash Beginning balance Collection of loan Sale of investment Receipts of interest Collections from customers Issuance of common shares Receipts of dividends 64,320 Payments on accounts payable 39,600 Payments of dividends 31,A40 Payments of salaries and wages 39,120 Payments of inte 814,A40 Purchase of equipment 33,360| Payments of operating expenses 25,400 Payment of long-term debt 447,720 52,640 172,560 56,280 37,680 41,160 73,560 20,280 22,680 Repurchase of common shares nt of income tax av Ending balance 123,120 Common Shares Repurchase of shares 20,280 Beginning balance Issuance for cash Issuance to acquire land Issuance to retire long-term debt Ending balance 101,280 33,360 77,320 42,800 234,480 TOFINO INC Income Statement For the Year Ended December 31, 2014 Revenues Sales revenue Interest revenue Dividend revenue $847,560 39,120 25 Total revenues 912,080 Expenses and losses: Cost of goods sold Salaries and wages expense Amortization expense Other operating expenses Interest expense Income tax expense Loss on sale of investments $420,720 180,960 29,160 52,920 58,560 19,440 3,720 Total expenses 765,480 $146,600 Net income