3 33.34 points 03-48-17 Book Print References CP12-3 (Algo) Preparing a Statement of Cash Flows (Indirect Method) [LO 12-2, LO 12-3, LO 12-4, LO 12- 5] Hunter Company is developing its annual financial statements at December 31. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized Balance Sheet at December 31 Cash Accounts Receivable Inventory Equipment Accumulated Depreciation-Equipment Total Assets Accounts Payable Salaries and Wages Payable Notes Payable (long-term) Common Stock Retained Earnings Total Liabilities and Stockholders' Equity Income Statement (current year) Sales Revenue Cost of Goods Soldi Other Expenses Net Income. Additional Data: a. Bought equipment for cash, $8,400. b. Paid $11,000 on the long-term notes payable. c. Issued new shares of stock for $23,000 cash. d. Declared and paid a $3,200 cash dividend. Current Year Prior Year $ 45,660 $ 15,000 21,600 23,000 24,600 30,000 104,400 96,000 (34,600) (27,000) $ 161,660 $137,000 $ 21,400 860 1,000 31,000 42,000 77,000 54,000 31,400 21,000 $161,660 $137,000 $ 116,000 69,000 33,400 $ 13,600 $ 19,000 e. Other expenses included depreciation, $7,600; salaries and wages, $11,600; taxes, $4,600; utilities, $9,600. f. Accounts Payable includes only inventory purchases made on credit. Because there are no liability accounts relating to taxes or other expenses, assume that these expenses were fully paid in cash. Required: 1. Prepare the statement of cash flows for the year ended December 31 using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) HUNTER COMPANY Statement of Cash Flows For the Year Ended December 31 Cash Flows from Operating Activities Net Income