P17-6B The comparative balance sheet of Kekst & Co. at March 31, 20X4. reported the fol- lowing: 698 CHAPTER 17. Current Assets: Cash and cash equivalents.. Accounts receivable Inventories..... Prepaid expenses Current Liabilities: Notes payable (for inventory purchases). Accounts payable. Accrued liabilities. Income tax payable. 20X4 March 31, 20X3 $20.600 $ 4.000 14.900 21,700 63.200 60,600 1.900 1.700 $ 4.000 30,300 10.700 $ 4,000 27.600 11.100 8.000 4.700 Kekst & Co.'s transactions during the year ended March 31, 20X4, included the following: Acquisition of land by issuing note payable. $76,000 Sale of long-term investment. Depreciation expense. $13.700 9.000 Amortization expense. 2,000 Payment of cash dividend. 30,000 Cash acquisition of building. Net income 47.000 77,000 Cash acquisition of equipment 78,700 Issuance of common stock Issuance of long-term note for cash 11,000 payable to borrow cash 50,000 Stock dividend.. 18,000 Required 1. Prepare Kekst & Co.'s statement of cash flows for the year ended March 31, 20X4. using the indirect method to report cash flows from operating activities. Report noncash invest- ing and financing activities in an accompanying schedule. 2. Evaluate Kekst & Co.'s cash flows for the year. Mention all three categories of cash flows. and give the reason for your evaluation.