CHAPTER 15 LEARNING CASE Condensed financial data of Dutton, Inc. follows Comparative Ending Balance Sheets DUTTON, INC. December 31, 2021 Assets 2021 Cash $49,000 2020 $79,000 Accounts Receivable 645,000 580,000 Inventory 660,000 615,000 Property, Plant, Equipment 1,515,000 1,466,000 Accumulated Depreciation (765,000) (641,000) Total $2.104.000 $2,099.000 Liabilities and Owners' Equity Accounts Payable $250,000 $155,000 Accrued Liabilities 190,000 165,000 Income Taxes Payable 76,000 70,000 Bonds Payable 450,000 620,000 Common Stock 161,000 161,000 Retained Earnings 977.000 928.000 Total $2.104.000 $2,099.000 DUTTON, INC. Income Statement Data For the Year Ended December 31, 2021 Sales Less: Cost of Goods Sold Selling/Administrative Expenses Income Taxes Add: Gain on Sale of PPE Net Income $3,600,000 $2,550,000 875,000 63,000 3,000 $115.000 Additional Information: 1. The company sold equipment that had an original cost of $13,000 and accumulated depreciation of $8,000. The cash proceeds from the sale were $8,000. The gain on sale was $3,000 2. No new bonds were issued during the year. 3. Cash dividends were paid during the year. 4. There were no stock transactions during the year. Instructions Prepare a Statement of Cash Flows (Operating, Investing, and Financing sections) using the INDIRECT METHOD for operating activities