Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet at December 31 This Year Last Year $ $ 17 570 165 8 760 67e ze 600 5 $1,365 26 360 230 6 622 560 50 Assets Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Long-term investments Total assets Liabilities and Stockholders' Equity Accounts payable Accrued liabilities Income taxes payable Total current liabilities Bonds payable Total liabilities Common stock Retained earnings Total stockholders' equity 510 46 $ 1,178 $ 380 30 83 493 35e 843 351 171 522 280 40 76 396 260 656 450 72 522 Total liabilities and stockholders' equity $1,365 $1,178 Weaver Company Income Statement For This Year Ended December 31 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Nonoperating items Gain on sale of investments Loss on sale of equipment Income before taxes Incone taxes Net Income $860 480 380 213 167 $ (2) 170 51 $119 During this year, Weaver sold some equipment for $17 that had cost $47 and on which there was accumulated depreciation of $28. In addition, the company sold long-term investments for $46 that had cost $41 when purchased several years ago. Weaver paid a cash dividend this year and the company repurchased $99 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 the trainininh snart at the comien halsrochoren nonsen UNE SOURCE NATUWS Worruperaung MUUVILES Sales Adjustments to a cash basis: 0 Adjustments to a cash basis: 0 Selling and administrative expenses Adjustments to a cash basis: 0 Income taxes Adjustments to a cash basis: 0 Selling and administrative expenses Adjustments to a cash basis: 0 0 Income taxes Adjustments to a cash basis: 0 0 (Required 1 Required 2 > Weaver Company Statement of Cash Flows For This Year Ended December 31 Operating activities: Cash received from customers Less cash disbursements for: Total cash disbursements 0 0 Investing activities: