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The following summary transactions occurred during 2006 for Bluebonnet Bakers:
Cash received from:
Customers - $380,000
Interest on note receivable – 6000
Cash paid for:
Purchase of inventory - $160,000
Interest on note payable – 5000
The balance of cash and cash equivalents at the beginning of 2006 was $17000.
Prepare a statement of cash flows for December 2006 for Bluebonnet Bakers. Use the direct method for reporting operating activities.