CanGrow, Inc. Income Statement Year Ended December 31, 2024 Net Sales Revenue Cost of Goods Sold Gross Profit 232,800 Operating Expenses: CanGrow, Inc. Comparative Balance Sheet December 31, 2024 and 2023 20242023 Assets Current Assets: CashAccountsReceivableMerchandiseInventory$26,90079,60026,400$25,20091,30015,000 Long-term Assets: \begin{tabular}{lrrr} \hline Land & 34,400 & 13,000 \\ \hline Plant Assets & 117,940 & 106,380 \\ \hline Accumulated Depreciation-Plant Assets & (18,040) & (14,680) \\ \hline Total Assets & $267,200 & $236,200 \\ \hline \hline \end{tabular} Liabilities Current Liabilities: Accounts Payable Accrued Liabilities $35,300$28,60030,00030,200 Long-term Liabilities: Additionally, CanGrow purchased land of $21,400 by financing it 100% with long-term notes payable during 2024. During the year, there were no sales of land, no retirements of stock, and no treasury stock transactions. A plant asset was disposed of for $0. The cost and accumulated depreciation of the disposed asset was $11,340. The plant acquisition was for cash. The 2024 income statement and comparative balance (1) (Click the icon to view the additional sheet of CanGrow, Inc. follow: (Click the icon to view the income statement.) information.) (Click the icon to view the comparative balance Read the feauirements. sheet.) Requirement 1. Prepare the 2024 statement of cash flows, formatting operating activities by the indirect method. (Use a minus sign or parentheses for amounts that result in a decrease in cash. If a box is not used in the statement, leave the box empty; do not select a label or enter a zero.) Complete the statement one section at a time, beginning with the cash flows from operating activities. CanGrow, Inc. Statement of Cash Flows Year Ended December 31, 2024 Cash Flows from Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities: Net Cash Provided by (Used for) Operating Activities Cash Flows from Investing Activities: Net Cash Provided by (Used for) Investing Activities Cash Flows from Financing Activities: Net Cash Provided by (Used for) Financing Activities Net Increase (Decrease) in Cash Cash Balance, December 31, 2023 Cash Balance, December 31, 2024 Non-cash Investing and Financing Activities: Total Non-cash Investing and Financing Activities Requirement 2. How will what you learned in this problem help you evaluate an investment? A. Learn how to predict future cash flows, evaluate management decisions, and predict the ability of the company to pay its debts and dividends B. Learn how operating activities, investing activities, and financing activities generate cash receipts and casf payments C. Both A and B D. None of the above