50.000 The comparative balance sheets and income statement of C Manufacturing follow Manufacturing Comparative Balance Sheets For the Years Ended June 30, 20Xland 20X2 20x1 20x2 Assets Cash $ 72,000 $ 146,400 Accounts receivable 44,000 48,000 Inventory 64.000 44,000 Plant and equipment 104.000 112.000 Accumulated depreciation (52.000) (48,000) Land 20,000 20,000 Total assets $252.000 $ 322.400 Liabilities and equity Accounts payable $ 32,000 $ 48,000 Wages payable 4.000 2.400 Bonds payable 24,000 16.000 Preferred stock (no par) 4,000 12.000 Common stock 30,000 36,000 Paid in capital in excess of pu 76,000 Retained earnings 108,000 132,000 Tocal liabilities and equity $2$2,000 $ 322.400 Manufacturing Income Statement For the Year Ended June 30, 20X2 Sales $ 320,000 Cost of goods sold (200,000) Gros margin $ 120,000 Operating expenser (88,000) Net income $ 32,000 Additional transactions for 20X2 were as follows: 2. Cash dividends of $8,000 were paid. b. Equipment was acquired by issuing common stock with a par value of $6,000. The fair market value of the equipment is $32,000. c. Equipment with a book value of $12,000 was sold for $6,000. The original cost of the equipment was $24,000. The loss is included in operating expenses, d. Two thousand shares of preferred stock were sold for $4 per share. Required: 1. Prepare a schedule of operating cash flows using (a) the indirect method and (b) the direct method. 2. Prepare a statement of cash flows using the indirect method. 3. Prepare a statement of cash flows using a worksheet similar to the one shown in ille