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The accounting staff of Lambert Company has assembled the following information for the year ended...

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Accounting

The accounting staff of Lambert Company has assembled the following information for the year ended December 31 of the current year.

Cash sales $ 731,000
Credit sales 2,500,000
Collections on accounts receivable 2,205,000
Cash transferred from the money market fund to the general bank account 250,000
Interest and dividends received 100,000
Purchases (all on account) 1,800,000
Payments on accounts payable to merchandise suppliers 1,480,000
Cash payments for operating expenses (including payroll) 1,055,000
Interest paid 180,000
Income taxes paid 95,000
Loans made to borrowers 500,000
Collections on loans (excluding receipts of interest) 260,000
Cash paid to acquire plant assets 3,100,000
Book value of plant assets sold 659,200
Loss on sales of plant assets 75,200
Proceeds from issuing bonds payable 2,500,000
Dividends paid 120,000
Cash and cash equivalents, Jan. 1 512,000

Required:

a. Prepare a statement of cash flows. Use the direct method of reporting cash flows from operating activities.

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