! Required information Exercise 16-22B (Static) Direct: Preparing statement of cash flows from Cash T-account LO P1, P3, P5 (The following information applies to the questions displayed below.] The following Cash T-account shows the total debits and total credits to the Cash account of Thomas Corporation for the current year. Debit Balance, December 31, prior year Receipts from customers Receipts from dividends Receipts from land sale Receipts from machinery sale Receipts from issuing stock Receipts from borrowing Cash Credit $ 333,000 5,000,000 Payments for inventory 208,400 Payments for wages 220,000 Payments for rent 710,000 Payments for interest 1,540,000 Payments for taxes 3,600,000 Payments for machinery Payments for stock investments Payments for long-term notes payable Payments for dividends Payments for treasury stock $? $ 2,590,000 550,000 320,000 218,000 450,000 2,236,000 1,260,000 386,000 500,000 218,000 Balance, December 31, current year Exercise 16-22B (Static) Part 1 (1) Prepare a complete statement of cash flows for the current year using the direct method. (Amounts to be deducted should be indicated with a minus sign.) Exercise 16-22B (Static) Part 1 (1) Prepare a complete statement of cash flows for the current year using the direct method. (Amounts to be deducted should be indicated with a minus sign.) THOMAS CORPORATION Statement of Cash Flows For Year Ended December 31 Cash flows from operating activities Cash received from customers Cash paid for inventory Cash paid for wages Cash paid for rent Cash paid for interest Cash paid for taxes Cash paid for long-term notes payable $ 0 Net cash used in operating activities Cash flows from investing activities Cash received from sale of land Cash received from sale of machinery 0 Net cash used in financing activities Cash flows from financing activities 0 $ 0 Net increase (decrease) in cash Beginning balance of cash Ending balance of cash $ 0