15.7 Cerritos Manufacturing has provided the following financia 20x2 Cerritos Manufacturing Comparative Balance Sheets For the Years Ended December 31, 20X1 and 20X2 20X1 ASSETS Cash $ 112,500 Accounts Receivable 350,000 Inventories 125,000 Plant and Equipment 1,000,000 Accumulated Depreciation (500,000) Land 500.000 Total Assets $1,587,500 $ 350,000 281,250 150,000 1,025,000 (525,000) 718,750 $2,000,000 $ 300,000 LIABILITIES AND EQUITY Accounts Payable Mortgage Payable b l an Common Stock Contributed Capital in Excess of Par Retained Earnings Total Liabilities and Equity $ 237,500 250,000 query 75,000 75,000 300,000 912,500 $1,587,500 300,000 1,137.500 $2,000,000 *Beginning Equipment Purchases Less Sales Ending Equipment 250.000 (225.000) $1,025.000 Income Statement For the Year Ended December 31, 20X2 Revenues Gain on Sale of Equipment Less: Cost of Goods Sold Less: Depreciation Expense Less: Interest Expense Prolit for the yeyrNet Income $1,200,000 50,000 (640,000) -(125,000) (35,000) $ 450,000 Other information: (a) Equipment with a book value of $125,000 was sold for $175,000 (original cost was $225,000). (6) Dividends of $225,000 were declared and paid. Prepare a statement of cash flows