The accounting staff of GTA Company has assembled the following information for the year ended December 31 of the current year. Cash sales Credit sales $ 250,000 3,450,000 Collections on accounts receivable 2,910,000 200,000 Cash transferred from the money market fund to the bank account Interest and dividends received 40,000 Purchases (all on account) 1,822,000 1,220,000 Payments on accounts payable to merchandise suppliers Cash payments for operating expenses 830,000 Interest paid 150,000 Income taxes paid 75,000 Loans made to borrowers 690,000 300,000 Collections on loans (excluding receipts of interest) Cash paid to acquire plant assets 1,700,000 Book value of plant assets sold 520,000 Loss on sales of plant assets 30,000 2,100,000 Proceeds from issuing bonds payable Dividends paid 250,000 Cash and cash equivalents, Jan. 1 278,000 Instructions Prepare a statement of cash flows. Place brackets around amounts representing cash outflows. Use the direct method of reporting cash flows from operating activities. Please also indicate the supporting calculations!