Amy's Fashions ended the year 20XX with the following balance: Amy's Fashions Amy's Fashions Comparative Balance Sheet Comparative Income Statement December 31, 20XX For the Year Ended 20XX 20XX 20WW Increase (Decrease) 20XX ASSETS Revenues: Current Assets: sales 1,100,000 Cash and cash equivalents 140,350 95,900 44,450 Cost of Goods Sold 710,000 Accounts receivable 95,300 102,300 -7,000 Gross Profit 390,000 Inventory 165,200 157,900 7,300 Operating Expenses: Prepaid expenses 6,240 5,860 380 Depreciation 23,500 Investments (long term) 35,700 84,700 -49,000 Patent Amortization 7,000 Plant Assets: Other op expenses 196,000 Land 75,000 90,000 -15,000 Total OpExpenses: 226,500 Buildings (net) 303,700 201,700 102,000 Income from operations 163,500 Equipment, net 279,800 290,300 -10,500 Other Income: Patents 58,000 65,000 -7,000 Gain sale of inv 11,000 Total Assets 1,159,290 1,093,660 65,630 Other Expenses: Interest Expense 26000 -15,000 LIABILITIES Income before income tax 148,500 Current Liabilities: Income tax expense 50,000 Accounts Payable 43,500 46,700 -3,200 Net Income 98,500 Accrued Liabilities 14,000 12,500 1,500 Income Taxes Payable 7,900 8,400 -500 Dividends Payable 14,000 10,000 4,000 Long Term Liabilities: 0 Mortgage note payable 40,000 40,000 Bonds Payable 150,000 250,000 -100,000 Total Liabilities 269,400 327,600 -58,200 STOCKHOLDER'S EQUITY 0 Common Stock 450,000 375,000 75,000 Additional pd capt-common 66,250 41,250 25,000 Retained Earnings 373,640 349,810 23,830 Total Stockholders' Equity 889,890 766,060 123,830 Total Liab & StkHdrs' Equity 1,159,290 1,093,660 65,630 An examination of the accounting records revealed the following for 2010: Land costing $15,000 was sold for $15,000 A mortgage note was issued for $40,000 A building costing $115,000 was constructed 2,500 shares of common stock were issued at 40 in exchange for the bonds payable Cash dividends declared were $74,670 1 Use the worksheet to calculate changes in Current Assets and Liabilities: Account Beginning Balance Debit Credit Ending Balance Debit Credit 2 Using the indirect method, prepare the statement of cash flows for Amy's Fashions for the year ended 20XX. Amy's Fashions Statement of Cash Flows-Indirect Method For the Year Ended 20XX