1: The following financial information is obtained regarding Stallion Company: 12/31/21 12/31/20 Current Assets: 210,000 46,000 Cash Accounts Receivable (net) 160,000 90.000 Merchandise Inventory 120,000 150,000 7,000 2,000 Prepaid Expenses 3,000 4,000 Supplies Non-Current Assets: 100,000 -0- Land Plant Assets 200,000 200,000 Accumulated Depreciation (60,000) (40,000) Total Assets 740,000 452,000 Current Liabilities: Accounts Payable 15,000 33,000 Accrued Liabilities 35,000 9,000 Non-current Liabilities: Notes Payable 100,000 20,000 Total Liabilities: 150,000 62,000 Common Stock ($1 Par Value) 210,000 140,000 Common Stock-APIC 50,000 10,000 Retained Earnings 330,000 240,000 Total Stockholders' Equity 590,000 390,000 Additional Data: A) 2021 Net Income was $160,000 B) Land was acquired by taking out a Notes Payable for $90,000 and paying Cash for the balance. C) All Common Stock was issued for Cash. REQUIRED: Prepare the Statement of Cash Flow for Stallion Company under the Indirect Method. HINT: Don't be afraid to be an Accounting Detective and draw T-accounts on scrap paper. Problem 2