4. Prepare the statement of cash flows for the year ended december 31, 2019, using the indirect method, and incorporating the additional data just given.

Corvallis Canoe Company Comparative Balance Sheet December 31, 2018 and 2019 2019 2018 Assets Current Assets: Cash Short-Term Investments, net Accounts Receivable, net Merchandise Inventory Office Supplies Prepaid Rent Total Current Assets PP&E: Land Building Canoes and Kayaks Office Furniture and Equipment Accumulated Depreciation - PP&E Total PP&E Total Assets $523,693 23,840 2,422 355 60 0 550,370 $12,125 0 7,600 0 165 2,000 21,890 152,000 610,000 12,000 150,000 (35,180) 888,820 $1,439,190 85,000 35,000 12,000 0 (850) 131,150 $153,040 Liabilities Current Liabilities: Accounts Payable Utilities Payable Telephone Payable Wages Payable Notes Payable Interest Payable Unearned Revenue Total Current Liabilities Long-Term Liabilities: Notes Payable Mortgages Payable Bonds Payable Discount on Bonds Payable Total Long Term Liabilities Total Liabilities $5,195 745 700 4,250 15,000 350 500 26,740 $3,050 295 325 1,250 0 50 350 5,320 7,200 D 0 7,200 405,000 210,000 (1,270) 620,930 647,670 7,200 12,520 Stockholders Equity Page 4 Stockholders' Equity Paid In Capital: Preferred Stock Paid-In Capital in Excess of Par--Preferred Common Stock Paid-In Capital in Excess of Par--Common Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity $60,000 7,000 186,000 150,000 388,520 791,520 $1,439,190 $0 0 136,000 0 4,520 140,520 $153,040 Additional data for Corvallis Canoe Company is: 1. The income statement for 2019 included the following items: a. Net income, $417,000. b. Depreciation expense for the year, $34,330 c. Amortization on the bonds payable, $254. 2. There were no disposals of property, plant and equipment during the year. All acquisitions of PP&E were for cash except the land, which was acquired by issuing preferred stock. These included art office building and furniture for the new offices, 3. The company issued bonds payable with a face value of $210,000, receiving cash of $208.476. 4. The company distributed 4,000 shares of common stock in a stock dividend when the market value was $4.50 per share. All other dividends were paid in cash. 5. The common stock, except for the stock dividend, was issued for cash 6. The cash receipt from the notes payable in 2019 is considered a financing activity because it does not relate to operations Requirements 4. Prepare the statement of cash flows for the year ended December 31, 2019, using the indirect method, and incorporating the additional data just given. Corvallis Canoe Company wants to invest some of its excess cash in trading securities and is