2. Nichol Corporation's comparative balance sheets are presented below. NICHOL CORPORATION Comparative Balance Sheets 2024 2023 Cash $ 17,700 December 31 Change $ 12,200 Accounts receivable 25,200 22,300 Investments 25,000 16,000 Equipment 60,000 70,000 Accumulated depreciation (14,000) (10,000) Total $108,400 $116,000 Accounts payable $ 14,600 $11,100 Bonds payable 10,000 30,000 Common stock 50,000 45,000 Retained earnings 33,800 $108,400 29,900 Total $116,000 Additional information for 2024: (a) 1. Net income was $17,300. 2. Depreciation expense was $6200 3. Dividends declared and paid were $13,400. 4. Equipment which cost $10,000 and had accumulated depreciation of $2,200 was sold for $3,800. (HINT: you need to calculate the Gain or Loss on sale of equipment. 5. All other changes in long-term assets and long-term liabilities had a direct effect on cash flows, except the change in accumulated depreciation, due to the sale of the equipment. Prepare a statement of cash flows for 2024 using the indirect method. (See below) When providing total for each section include whether cash was Provided or Used. NICHOL CORPORATION Statement of Cash Flows (Date) Cash flows from operating activities Net income $ Adjustments to reconcile net income to net cash provided by operating activities Net cash by operating activities Cash flows from investing activities Net cash by investing activities Cash flows from financing activities Net cash Net by financing activities in cash Cash at beginning of period Cash at end of period $17,700