Balance Sheets As of December 31 Year 2 Year 1 1,379 Assets Cash Accounts receivable Inventory Equipment Accumulated depreciation-equipment Land Total assets Liabilities and equity Accounts payable (inventory) Long-tere debt Comon stock Retained earnings Total abilities and equity $ 22,843 6,500 19,225 (8,815) 20,431 $ 61,770 42,035 (18.00) 18,401 $ 44,529 $ 2,995 2,2 $ 4,192 6,521 B, 25,715 35, $ 61,729 Income Statement For the Year Ended December 31, Year 2 Sales we $ 35,40 Cost of goods sold (13,968 Gross margin Depreciation expense (3.0) Operating income 18,212 Gain on sale of equipment bio Loss on disposal of land (78 Net Income $ 1,442 Additional Data 1. During Year 2 the company sold eculement for $18,357, the originally cost $30.100. Accumulated depreciation on this equipment wes $12.343 st the time of the sale. Also, the company purchased egutement for $7.310 cash 2. The company sold and that had cost $3.170. This land was sold for $3,100, resulting in the recognition of a $70 loss. Also, common stock vestsjed in exchange for title to land that was valued at $13.200 at the time of exchange 3. Paid dividends of $9,371. Required minus sign) Prepare a sistement of cash flows using the indirect method (Amounts to be deducted and cash outfiows should be indicated by SOLOMON COMPANY Statement of Cach Flow For the Year Ended December 31, Year 2 Cashflows from operating activities Less: Increase Decrease in current assets and aument Plus: Norash charges $ Cash flows from investing advies: Cash flows from financing acts 0 $ 0 Ending cash balance Schedule of noncash investing and racing activities