Additional Information on Current Year Transactions a. Sold equipment for cash. b. Purchased equipment costing $109,375 by paying $56,000 cash and signing a long-term note for the balance. c. Paid cash to reduce the long-term note. Required: Prepare a complete statement of cash flows using the direct method. Note: Amounts to be deducted should be indicated with a minus sign. Required information [The following information applies to the questions displayed below.] Purple Company's current year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, and (4) all debits to Accounts Payable reflect cash payments for inventory: Additional Information on Current Year Transactions a. Sold equipment for cash. b. Purchased equipment costing $109,375 by paying $56,000 cash and signing a long-term note for the balance. c. Paid cash to reduce the long-term note. Required: Prepare a complete statement of cash flows using the direct method. Note: Amounts to be deducted should be indicated with a minus sign. Required information [The following information applies to the questions displayed below.] Purple Company's current year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, and (4) all debits to Accounts Payable reflect cash payments for inventory