E11-19A (similar to) Question Help The income statement and additional data of Norcross Travel Products, Inc., follow: (Click the icon to view the income statement.) (Click the icon to view the additional data.) Requirements 1. Prepare Norcross' statement of cash flows for the year ended December 31, 2018, using the indirect method. 2. Evaluate the company's cash flows for the year. In your evaluation, mention all three categories of cash flows and give the rationale for your evaluation. Requirement 1. Prepare Norcross's statement of cash flows for the year ended December 31, 2018, using the indirect method. Start by completing the cash flows from operating activities. Then complete each section of the statement of cash flows, including the noncash investing and financing activities. (Use parentheses or a minus sign for numbers to be subtracted and for a net decrease in cash.) Norcross Travel Products, Inc. Statement of Cash Flows (Indirect Method) Year Ended December 31, 2018 More Info Cash flows from operating activities: Data Table Adjustments to reconcile net income to net cash provided by (used for) operating activities: Norcross Travel Products, Inc. Income Statement Year Ended December 31, 2018 Additional data a. Acquisition of plant assets was $224,000. Of this amount, $180,000 was paid in cash and $44,000 was financed by signing a note payable. b. Proceeds from the sale of land totaled $25,000 c. Proceeds from the issuance of common stock totaled $29,000. d. Payment of a long-term note payable was $17,000. e. Payment of dividends was $10,000 f. Fron balance sheets: Revenues: Service revenue S 279,000 8,300 $ 287,300 December 31, 2018 2017 Net cash provided by used for) operating activities 102,000 Current assets: Dividend revenue Expenses Cost of goods sold Salary expense Depreciation expense Advertising expense Interest expense Income tax expense Cash $ 56,000 35,000 3,000 34,000 $ Accounts receivable 40,000 3,400 57,000 87,000 8,900 29,000 3,900 Inventory Prepaid expenses 12,000 211,900 9,700 $ 75,400 Net income Current liabilities: S 40.000 Print Done Accounts payable Accrued liabilities $ 21,000 24,000 4,000 Print Done Choose from any list or enter any number in the input fields and then click Check