Assignment: Problem 1: The Comparative Balance Sheet of XYZ Inc. for December 31, 2019 and 2018 is shown as follows: 12/31/19 12/31/18 Assets $625,760 $589,920 Cash 227,840 208,960 Accounts Receivable Problem 1 1 $617,120 Inventories Investments Land $641,760 0 240,000 328,000 0 Equipment 553,120 705,120 (166,400) Accumulated Depreciation equipment Total Assets (148,000) $2,057,120 $2,362,080 Liabilities and Stockholders' Equity $424,480 $404,960 42,240 52,640 24,000 19,200 Accounts payable (merchandise creditors) Accrued expenses payable (operating expenses) Dividends payable Common Stock, $4 par Paid In Capital - common stock Retained earnings Total Liabilities and Stockholders' equity 100,000 150,000 417,500 280,000 HOENDERITE 1,303,860 2,362,080 1,200,320 2,057,120 ws: Additional data obtained from an examination of the accounts in the ledger for 2019 are as a) The Investments were sold for $280,000 cash. b) Equipment and land were acquired for cash c) The common stock was issued for cash d) There was a $199,540 credit to Retained Earnings for net income e) There was a $96,000 debit to Retained Earnings for cash dividends declared Instructions: Prepare a statement of cash flows using the indirect method