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, 2009. Use a note disclosure for any noncash investing and financing activities.

Cash and cash equivalents balance, December 31, 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . $ 43,000

Cash and cash equivalents balance, December 31, 2009 . . . . . . . . . . . . . . . . . . . . . . . . . . .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-month 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 834,200

Cash paid for merchandise . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 433,784