Collections from Cust. $438,900 How will what you learned in this problem help you evaluate an investment? 2. P16B-38A Using a spreadsheet to prepare the statement of cash flows- Learning Objective 5 Appendix 168 indirect method The 2018 comparative balance sheet and income statement of Appleton Group, Inc. follow. Appleton disposed of a plant asset at book value dudag 2018. Cash Pmt. of Div. $28,300 Cash Pmt, for Acq. of Land $25,200 APPLETON GROUP, INC. Income Statement Year Ended December 31, 2018 $ 443,000 Net Sales Revenue 205,800 Cost of Goods Sold 237,200 Gross Profit Operating Expenses $ 76,800 Salaries Expense 15,400 Depreciation Expense-Plant Assets 49,300 Other Operating Expenses 141,500 Total Operating Expenses 95,700 Operating Income Other Income and (Expenses): 11,600 Interest Revenue (24,400) Interest Expense (12,800) Total Other Income and (Expenses) 82,900 Net Income Before Income Taxes 16,200 Income Tax Expense $ 66,700 Net Income 8alance heet December 31, 2018 and 2017 2018 2017 Assets Current Assets Cash $ 15,900 14,700 Accounts Receivable 42,200 43,900 Merchandise Inventory 97,600 93,900 Long-term Assets Land 42,200 17,000 Plant Assets 121,950 110,750 Accumulated Depreciation-Plant Assets (20,250) (16,450) $ 265,000 Total Assets $298,400 Liabilities Current Liabilities Accounts Payable S 25,900 $ 26,900 Accrued Liabilities 24,500 22,700 Long-term Liabilities Notes Payable 51,000 65,000 Total Liabilities 101,400 114,600 Stockholders' Equity Common Stock, no par 138,900 130,700 58,100 Retained Earnings 19,700 197,000 150,400 Total Stockholders' Equity $ 298,400 $ 265,000 Total Liabilities and Stockholders' Equity Prepare the spreadsheet for the 2018 statement of cash flows. Format cash flows from operating activities by the indirect method. A plant cost and accumulated depreciation of the disposedi sales of land, Assume plant asset and land acquisitions were for cash. s disposed of for $0. The asset was $11,600. There were no ,no retirement of common stock, and no treasury stock transactions asset was CHAPTE