Assets Cash $443,240 $360,920 Accounts receivable (net) 665,280 592,200 Inventories... 887,880 1,022,560 Prepaid expenses Land .. Buildings.. Accumulated depreciation-buildings... Machinery and equipment... Accumulated depreciation-machinery and equipment..... 31,640 25,200 302 400 1,713,600 302 400 1,134,000 (466,200) (414,540) 781,200 781,200 (214,200) (191,520) Patents.... 106,960 $4,251,800 112.000 $3,724,420 Total assets... Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Dividends payable.. Salaries payable... Mortgage note payable, due in 10 years Bonds payable .. Common stock, $5 par... Paid-in capital: Excess of issue price over par-common stock. Retained earnings.... $ 837,480 $927,080 32,760 25,200 78,960 87,080 224,000 390,000 200,400 50,400 366,000 126,000 2512.200 $4.251.800 2,118,660 Total liabilities and stockholders' equity. $3,724,420 An examination of the income statement and the accounting records revealed the following additional information applicable to 20Y4: 1. Net income, $524,580. 2. Depreciation expense reported on the income statement: buildings, $51,660; machinery and equipment $22,680. 3. Patent amortization reported on the income statement, $5,040. 4.A building was constructed for $579,600 5.A mortgage note for $224,000 was issued for cash. 6.30,000 shares of common stock were issued at $13 in exchange for the bonds payable. 7. Cash dividends declared, $131,040 Instructions 1. Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities