1 QUEATIONS 1 ( 10 marks) Presented below are the financial statements of Weller Company. WELLER COMPANY Comparative Balance Sheets December 31 Assets Cash Accounts receivable Merchandise inventory | Property, plant, and equipment less: Accumulated depreciation Total Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable | Common stock Retained earnings Total 2007 $25,000 24,400 19,000 65,000 14,000 $147,400 2006 $18,500 22,500 25,000 70,000 10,000 $126,000 I $20,600 7,000 10,000 50,000 31,800 $119,400 $11,100 10,000 30,000 45,000 29,900 $126,000 Additional data: net income 17300 1. Dividends declared and paid $23,900 2. During the year equipment was sold for and its accumulated depreciation was $3,300 cash. This equipment cost $10,000 originally and had a $1,200 at the time of sale. $8,800 Book value Instructions: Prepare a statement of cash flows using the indirect method