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The Total assets Liabilities and Shareholders' Equity Accounts payable Refund liability Bank loan payable (current portion) Bank loan payable (noncurrent portion) Common shares Retained earnings Total liabilities and shareholders' equity PUFFY LTD. Income Statement Net sales For the Year Ended December 31, 2021 Cost of goods sold Gross profit Operating expenses Income from operations Gain on sale of investments Interest expense Other income (expenses) Income before income tax Income tax expense $998,000751,000227,00077,000150,000(9,000)141,00026,000$115,000 Net income Additional information: 1. Depreciation expense of $34,000 is included in operating expenses. 2. No equipment was sold during the year. 3. $50,000 of bank loans was repaid during the year with cash. 4. Common shares were issued for $25,000 cash. 5. Assume unexplained changes are from logical sources. Required Prepare a statement of cash flows, in good form, using the direct method