Exercise $12-21$B $($Algo$)$ Direct: Preparing statement of cash flows and supporting note LO P$5$

Cash and cash equivalents, December $31$ prior year$-$end $ $15,000$

Cash and cash equivalents, December $31$ current year$-$end $27,180$

Cash received as interest $1,500$

Cash paid for salaries $43,500$

Bonds payable retired by issuing common stock $($no gain or loss on retirement$)180,000$

Cash paid to retire long$-$term notes payable $75,000$

Cash received from sale of equipment $36,750$

Land purchased by issuing long$-$term notes payable $104,400$

Cash paid for store equipment $14,250$

Cash dividends paid $9,000$

Cash paid for other expenses $24,000$

Cash received from customers $291,000$

Cash paid for inventory $151,320$

Use the above information about Ferron Company to prepare a complete statement of cash flows $($direct method$)$ for the current year ended December $31.$ Use a note disclosure for any noncash investing and financing activities.

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