E12-20A. (Learning Objective 3: Preparing the statement of cash flows-indirect method) The income statement and additional data of Tullis Travel Products, Inc., follow: Tullis Travel Preducts, Inc. Income Statement Year Ended December 31, 2014 Revenues Service reverar 4Dwidendr 81,700 6 Cost of goods 7 Salary expense 8 Depreciation experse 59,000 Advertising expense Interest expente 2,900 ,100 1Income tax expense 243.400 Net income Additional data a. Acquisition of plant assets was $95,000. Of this amount, S65,000 was paid in cash and $30,000 by signing a note payable b. Proceeds from sale of land totaled $17,000 C. Proceeds from issuance of common stock totaled $46,000 d. Payment of long-term note payable was $17,000 e. Payment of dividends was $8,000 f From the balance sheets A1 December 31 Current assets 4 Cash 5 Acounts recevable 6 Inventory 118,300 46,000 87,000 48,600 7,000 Prepaid 9 Current liablities Accounts paable 3,900 66,000 21,000 1 Accrued liabilties Requirements 1. Prepare Tullis Travel Products's statement of cash flows for the year ended December 31, 2014, using the indirect method 2. Evaluate Tullis' cash flows for the year. In your evaluation, mention all three categories of cash flows and give the reason for your evaluation