Exercise 123 The following information is taken from French Corporation's financial statements: December 31 2018 2017 Cash $27,540 $74,460 Accounts receivable 104,040 81,600 Allowance for doubtful accounts (4,590) (3,162) Inventory 158,100 178,500 Prepaid expenses 7,650 6,936 Land 102,000 61,200 Buildings 294,780 248,880 Accumulated depreciation (13,260) (32,640) Patents 20,400 35,700 $724,200 $623,934 Accounts payable $91,800 $85,680 Accrued liabilities 55,080 64,260 Bonds payable 127,500 61,200 Common stock 102,000 102,000 Retained earnings-appropriated Retained earnings-unappropriated 81,600 10,200 281,520 308,754 (15,300) (8,160) Treasury stock, at cost $724,200 $623,934 For 2018 Year Net income $74,766 Depreciation expense 19,380 Amortization of patents 5,100 Cash dividends declared and paid 30,600 Gain or loss on sale of patents none Prepare a statement of cash flowss for French Corporation for the year 2018. (Use the indirect method.) (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) French Corporation Statement of Cash Flows Increase (Decrease) in Cash Adiustments to reconcile net income to