$(1)$

$(1)$ Prepare a complete statement of cash flows for the current year using the direct method.

Required information

$[$The following information applies to the questions displayed below.$]$

The following Cash T$-$account shows the total debits and total credits to the Cash account of Thomas Corporation for the current year.

$(1)$ Prepare a complete statement of cash flows for the current year using the direct method. Note: Amounts to be deducted should be indicated with a minus sign.

$(2)$ Refer to the statement of cash flows for part $1$ to answer the following questions a through $d$ :

$\backslash$table$[[$a$.($i$)$ Which section shows the largest cash inflow?$],[$a$.($ii$)$ Which section shows the largest cash outflow?$],[$b$.$ What is the largest individual item among the investing cash outflows?$],[$c$.$ The cash proceeds are larger from:$],[$d$.$ From borrowing activities the company has:$]]$

$(2)$ Refer to the statement of cash flows for part $1$ to answer the following questions a through $d$ :

a$.($i$)$ Which section shows the largest cash inflow?

a$.($ii$)$ Which section shows the largest cash outflow?

b$.$ What is the largest individual item among the investing cash outflows?

c$.$ The cash proceeds are larger from:

d$.$ From borrowing activities the company has:The following Cash T$-$account shows the total debits and total credits to the Cash account of Thomas Corporation for the current year.

Cash

Debit Credit

Balance, December $31,$ prior year $ $212,500$

Receipts from customers $9,350,000$ Payments for inventory $ $2,477,750$

Receipts from dividends $3,272,500$ Payments for wages $860,200$

Receipts from land sale $3,459,500$ Payments for rent $495,550$

Receipts from machinery sale $1,103,300$ Payments for interest $336,600$

Receipts from issuing stock $2,402,950$ Payments for taxes $701,250$

Receipts from borrowing $4,048,550$ Payments for machinery $3,487,550$

Payments for stock investments $3,524,950$

Payments for long$-$term notes payable $598,400$

Payments for dividends $776,050$

Payments for treasury stock $336,600$

Balance, December $31,$ current year $ $?$question mark

$(1)$ Prepare a complete statement of cash flows for the current year using the direct method.

Note: Amounts to be deducted should be indicated with a minus sign.