Dec. 31, 20Y8 Dec. 31, 2017 Assets $66,650 102,420 146,310 $82,110 110,690 137,180 Cash Accounts receivable (net) Inventories Prepaid expenses Equipment Accumulated depreciation-equipment Total assets 4,160 245,800 5,960 298,030 (77,490) $541,880 (60,280) $519,660 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $113,790 $108,610 Mortgage note payable 0 155,900 Common stock, $1 par 18,000 11,000 Paid-in capital: Excess of issue price over par-common stock 280,000 147,000 Retained earnings 130,090 97,150 Total liabilities and stockholders' equity $541,880 $519,660 Additional data obtained from the income statement and from an examination of the accounts in the ledger for 2078 are as follows: a. Net income, $84,330. b. Depreciation reported on the income statement, $37,610. c. Equipment was purchased at a cost of $72,630, and fully depreciated equipment costing $20,400 was discarded, with no salvage realize d. The mortgage note payable was not due for six years, but the terms permitted earlier payment without penalty. e. 7,000 shares of common stock were issued at $20 for cash. f. Cash dividends declared and paid, $51,390. Required: Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments Yellow Dog Enterprises Inc Statement of Cash Flows For the Year Ended December 31, 2048 Cash flows from operating activities: Adjustments to reconcile net income to net cash flow from operating activities: Changes in current operating assets and liabilities: Net cash flow from operating activities Cash flows from investing activities: Net cash flow used for investing activities Cash flows from financing activities: Net cash flow used for financing activities OD Statement of Cash Flows For the Year Ended December 31, 2048 Cash flows from operating activities: Adjustments to reconcile net income to net cash flow from operating activities: Changes in current operating assets and liabilities: Net cash flow from operating activities Cash flows from investing activities: Net cash flow used for investing activities Cash flows from financing activities: Net cash flow used for financing activities Cash at the beginning of the year Cash at the end of the year