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22. EXTRA CREDIT (OPTIONAL - CARRYOVER 25 POINTS) The comparative balance sheet of Colson Company, for 2011 and the preceding year ended December 31. 2010 appears below in condensed form: Year 2011 Year 2010 Cash Accounts receivable (net) Inventories Investments Equipment Accumulated depreciation equipment $ 45,000 51,300 147,200 493,000 (113,700) 5622.800 $ 61,500 $ 53,500 58,000 135,000 60,000 375,000 (128.000) $553.500 $ 42,600 100,000 200,000 Accounts payable Bonds payable, due 2014 Common stock, S10 par Paid-in capital in excess of par- common stock Retained earnings 250,000 75,000 236,300 $622.800 50,000 160.900 $553.500 The income statement for the current year is as follows: $623,000 348.500 $274,500 $24,700 75,300 Sales Cost of merchandise sold Gross profit Operating expenses: Depreciation expense Other operating expenses Income from operations Other income: Gain on sale of investment Other expense: Interest expense Income before income tax Income tax Net income 100.000 $174,500 $ 5,000 12.000 (7.000) $167,500 64.100 S103.400 Additional data for the current year are as follows: (a) (b) (c) (d) (e) Fully depreciated equipment costing $39,000 was scrapped, no salvage, and equipment was purchased for $157,000. Bonds payable for $100,000 were retired by payment at their face amount. 5,000 shares of common stock were issued at $15 for cash. Cash dividends declared were paid $28,000. All sales are on account. Prepare a statement of cash flows, using the direct method