Prepare a statement of cash flows using the direct method.

Additonal nformaton: Dividends on common shares in the amount of $3,200 were declared and paid during 2023. Dividends paid are treated as 1. financing activities. 2. Depreciation expense is included in operating expenses, as is salaries and wages expense of $72,000. 3. Equipment with a cost of $36,000 that was 70% depreciated was sold during 2023 . Concord Inc., a greeting card company that follows ASPE, had the following statements prepared as at December 31, 2023: \begin{tabular}{|c|c|c|} \hline \multicolumn{3}{|c|}{ConcordInc.ComparativeStatementofFinancialPositionDecember31} \\ \hline & 2023 & 2022 \\ \hline Cash & $46,785 & $25,100 \\ \hline Accounts receivable & 57,960 & 51,120 \\ \hline Inventory & 40,060 & 60,200 \\ \hline Prepaid rent & 5,140 & 4,040 \\ \hline Equipment & 163,990 & 130,070 \\ \hline Accumulated depreciation-equipment & (35,140) & (25,040) \\ \hline Goodwill & 18,000 & 52,000 \\ \hline Total assets & $296,795 & $297,490 \\ \hline Accounts payable & $46,190 & $40,070 \\ \hline Income tax payable & 4,060 & 6,200 \\ \hline \end{tabular} Cash, December 31, 2023 Concord Inc. Statement of Cash Flows (Direct Method) For the Year Ended December 31, 2023 Cash Flows from Operating Activities Cash Received from Customers Cash Paid to Suppliers for Goods and Services ^ Cash Paid for Other Operating Expenses Cash Paid to and on Behalf of Employees Cash Paid for Interest Cash Paid for Taxes (120000) (12300) \begin{tabular}{|c|c|c|} \hline Income tax payable & 4,060 & 6,200 \\ \hline Salaries and wages payable & 8,100 & 4,100 \\ \hline Short-term loans payable & 7,960 & 10,120 \\ \hline Long-term loans payable & 58,000 & 71,000 \\ \hline Common shares & 130,000 & 130,000 \\ \hline Retained earnings & 42,485 & 36,000 \\ \hline Total liabilities and shareholders' equity & $296,795 & $297,490 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|} \hline \multicolumn{3}{|c|}{ConcordInc.IncomeStatementYearEndedDecember31,2023} \\ \hline Sales revenue & & $342,280 \\ \hline Cost of goods sold & & 165,000 \\ \hline Gross margin & & 177,280 \\ \hline Operating expenses & & 120,000 \\ \hline Operating income & & 57,280 \\ \hline Interest expense & $12,300 & \\ \hline Impairment loss-goodwill & 34,000 & \\ \hline Gain on disposal of equipment & (2,900) & 43,400 \\ \hline Income before income tax & & 13,880 \\ \hline Income tax expense & & 4,195 \\ \hline Net income & & $9,685 \\ \hline \end{tabular} Cash Flows from Investing Activities Proceeds on Sale of Equipment Purchase of Equipment Net Cash Used by Investing Activities Cash Flows from Financing Activities Principal Payments on Short-Term Loans Principal Payments on Long-Term Loans Dividends Paid Net Cash Used by Financing Activities Net Increase in Cash Cash, January 1, 2023