Comparative financial statements for Weaver Company follow Weaver Company Comparative Balance sheet at December 31 This Year Last Year $ 15 $ Asset Cash and cash equivalente Accounts receivable Inventory Prepaid expenses Total current assets Property, plant, and equipment Less Accumulated depreciation Het property, plant, and equipment Long-term investments Total assets Liabilities and stockholders' equity Accounts payable Accrued abilities Income taxes payable Total current liabilities Bonds payable Total liabilities Common stock Hetained earnings Total stockholders' equity Total abilities and stockholders' equity 150 7 602 500 105 695 13 $1,115 19 290 195 5 509 490 40 450 39 ": 5 310 25 451 250 701 $ 245 80 59 394 190 75 41 $1,115 300 14 416 998 Weaver Company Income statement For This Year Ended December 31 Sales Coat of goods sold Gross margin Selling and administrative expenses Net operating income Monoperating items Gain on sale of Investments $11 Loss on sale of equipment 19 Incone before taxes Income taxes Net Incine 5790 LES 365 227 218 120 55 During this year, Weaver sold some equipment for $10 that had cost $40 and on which there was accumulated depreciation of $21. In addition, the company sold long-term investments for $32 that had cost $21 when purchased several years ago. Weaver paid a cash dividend this year and the company repurchased 562 of its own stock. This year Weaver did not retire any bonds. Required: 1. Using the direct method, adjust the company's income statement for this year to a cash basis. 2. Using the information obtained in (1) above, along with an analysis of the remaining balance sheet accounts, prepare a statement of cash flows for this year. Complete this question by entering your answers in the tabs below