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Presented here are the financial statements of Novak Company. 1. Depreciation expense was $14,900. 2. Dividends declared and paid were $24,140. 3. During the year equipment was sold for $9,800 cash. This equipment cost $18,300 originally and had accumulated depreciation of $8,500 at the time of sale. Further analysis reveals the following. 1. Accounts payable pertain to merchandise suppliers. 2. All operating expenses except for depreciation were paid in cash. 3. All depreciation expense is in the selling expense category. 4. All sales and purchases are on account. Prepare a statement of cash flows for Novak Company using the direct method. (Show amounts that decrease cash flow with either a - sign e.g. 15,000 or in parenthesis e.g. (15,000).) Novak Company Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Operating Activities Cash Receipts from Customers Less cash payments: Net Cash Provided by Operating Activities Cash Flows from Investing Activities Sale of Equipment Cash Flows from Financing Activities Payment of Dividends Redemption of Bonds Issuance of Common Stock Net Cash Used by Financing Activities Net Increase in Cash Cash at Beginning of Period Cash at End of Period 24140 6900 3000 17000