at vecember 31 This Year Last Year Assets Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Total current assets Property, plant, and equipment S 20 300 200 6 450 155 620 61e 110 500 50 450 40 $1,016 Less accumulated depreciation Net property, plant, and equipment Long-term investments Total assets Liabilities and Stockholders' Equity Accounts payable Accrued liabilities Income taxes payable Total current liabilities Bonds payable Total 1liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 18 $1,138 S 320 80 $ 250 90 70 477 255 732 297 109 406 $1,138 200 610 350 56 406 S1,016 Weaver Company Income Statement For This Year Ended December 31 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Nonoperating items: $ 800 450 350 244 106 Gain on sale of investments S 12 Loss on sale of equipment Income before taxes Income taxes Net income (8 4 110 $ 77 During this year, Weaver sold some equipment for $11 that had cost $41 and on which there was accumulated depreclation of $22. In addition, the company sold long-term Investments for $34 that had cost $22 when purchased several years ago. Weaver pald a cash dividend this year and the company repurchased $53 of its own stock. This year Weaver did not retire any bonds Required: 1. Using the direct method, adjust the company's Income statement for this year to a cash basis 2. Using the Information obtained in (1) above, along with an analysis of the remaining balance sheet accounts, prepare a statement of cash flows for this year