Prepare a complete cash flow statement using the direct method

Nackawic Inc Balance Sheet December 31 Current Year Prior Year Assets Cash Accounts Receivable Inventories Available for sale securities Property, Plant & Equipment Accumulated Amortization Total Assets $92,700 90,800 121,900 84,500 290,000 (49.500) $630,400 $47,250 37.000 102,650 107.000 205,000 (40.000) $458.900 Liabilities & Shareholder's Equity Accounts Payablo Accrued Expenses Payable Notes Payable Common Shares Retained Earnings Total Liabilities & Shareholder's Equity $52,700 12.100 140,000 250.000 175.600 $630,400 $48,280 18,830 70,000 200,000 121.790 $458.900 3 Nackawic Inc. Statement of Earnings Year Ended December 31. Current Year Revenues Sales Gain on sale of equipment 5297,500 8.750 306,250 Exponses Nackawic Inc. Statement of Earnings Year Ended December 31. Current Year Revenues Sales $297,500 Gain on sale of equipment 8.750 306,250 Expenses Cost of Goods Sold $99,460 Amortization Expense 58,700 Operating Expenses 14,670 Interest Expense 2.940 Loss on sale of available-for-sale securities 7.500 183.270 Earnings before income taxes 122,980 Income tax expenso 32.670 Not earnings $90.310 Additional information: 1. Available for sale securities were sold for $15,000, resulting in a loss of $7,500, 2. New equipment costing $141,000 was purchased for cash during the year 3 Equipment costing $56,000 was sold for $15,550, resulting in a gain of $8,750 M. Accounts Payable relate only to merchandise suppliers. Required: Prepare a complete cash flow statement using the direct method