Canyon Canoe Company's comparative balance sheet and additional data are shown below. (Click the icon to view the comparative balance sheet.) Requirement (Click the icon to view the additional data.) Prepare the statement of cash flows for the year ended December 31, 2019, using 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.) Canyon Canoe Company Statement of Cash Flows Year Ended December 31, 2019 Cash Flows From Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities: Help me solve this Demodocs example Get more help- Clear all Check answer ar la ikl Canyon Canoe Company's comparative balance sheet and additional data are shown below. (Click the icon to view the comparative balance sheet.) Requirement (Click the icon to view the additional data.) Prepare the statement of cash flows for the year ended December 31, 2019, using 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.) Net Cash Provided by (Used for) Operating Activities ar to) (0/1) lar to) (1/m k/static) (0 Data table Canyon Canoe Company Comparative Balance Sheet December 31, 2019 and 2018 Assets 2019 2018 Current Assets: Cash Short-term Investments, net Accounts Receivable, net Merchandise Inventory Office Supplies Prepaid Rent $ 523,693 $ 12,125 23,840 0 2,422 7,600 355 0 60 165 0 2,000 Property, Plant, and Equipment: Land 155,000 85,000 Building 610,000 35,000 Canoes 12,000 12,000 on Data table I Canoes 12,000 12,000 Office Furniture and Equipment 150,000 0 h no Accumulated Depreciation-PP&E (35,180) (850) 1,442,190 $ 153,040 Total Assets Liabilities Current Liabilities: Accounts Payable Utilities Payable Telephone Payable Wages Payable S 5,195 $ 3,050 745 295 700 325 4,250 1,250 Notes Payable 15,000 0 Interest Payable 350 50 Unearned Revenue 500 350 Long-Term Liabilities: Notes Payable 7,200 7,200 Data table con the ash s no Long-Term Liabilities: Notes Payable Mortgage Payable 7,200 7,200 405,000 0 Bonds Payable 210,000 0 Discount on Bonds Payable (1,270) Total Liabilities 647,670 12,520 Stockholders' Equity Paid-In Capital: Preferred Stock 60,000 0 Paid-In Capital in Excess of Par-Preferred 10,000 Common Stock 186,000 136,000 Paid-In Capital in Excess of Par-Common 150,000 0 Retained Earnings 388,520 4,520 Total Stockholders' Equity 794,520 140,520 Total Liabilities and Stockholders' Equity 1,442,190 $ 153,040 - X More info 1. The income statement for 2019 included the following items: a. Net income, $417,000 b. Depreciation expense for the year, $34,330. c. Amortization on the bonds payable, $254. 2. There were no disposals of property, plant and equipment during the year. All acquisitions of PP&E were for cash except the land, which was acquired by issuing preferred stock. 3. The company issued bonds payable with a face value of $210,000, receiving cash of $208,476. 4. The company distributed 4,000 shares of common stock in a stock dividend when the market value was $4.50 per share. All other dividends were paid in cash. 5. The common stock, except for the stock dividend, was issued for cash. 6. The cash receipt from the notes payable in 2019 is considered a financing activity because it does not relate to operations