Chapter 13 Practice Problem \#1 - Statement of Cash Flows 1) The company used cash to pay off a $45,000 long-term note payable. 2) The company purchased equipment for $85,000cash. 3) The company sold equipment and received $28,019cash. 4) Depreciation reported on the Income Statement, $88,753. 5) Gain on sale of equipment reported on the Income Statement, $3,125. 6) Issued 10,000 shares of common stock for $5 cash per share. 7) Paid a cash dividend of $117,683. 8) Net lncome for the year was $107,465. Directions: Use the above information to prepare a Statement of Cash Flows for the Year Ended December 31, 2019