Exercise $16-19$B $($Algo$)$ Direct: Preparing statement of cash flows LO P$5$

The following financial statements and additional information are reported.

Additional Information

a$.$ A $$49,200$ note payable is retired at its $$49,200$ carrying $($book$)$ value in exchange for cash.

b$.$ The only changes affecting retained earnings are net income and cash dividends paid.

c$.$ New equipment is acquired for $$81,600$ cash.

d$.$ Received cash for the sale of equipment that had cost $$72,600,$ yielding a $$4,400$ gain

e$.$ Prepaid Expenses and Wages Payable relate to Operating Expenses on the income statement

f$.$ All purchases and sales of inventory are on credit.

Using the direct method, prepare the statement of cash flows for the year ended June $30,2021.$

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

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