Exercise 123 The following information is taken from French Corporation's financial statements: December 31 2018 2017 Cash $ 83,220 $ 30,780 Accounts receivable 116,280 91,200 Allowance for doubtful accounts (5,130) (3,534) Inventory 176,700 199,500 Prepaid expenses 8,550 7,752 Land 114,000 68,400 Buildings 329,460 278,160 Accumulated depreciation (36,480) (14,820) Patents 22,800 39,900 $809,400 $697,338 Accounts payable $ 102,600 $ 95,760 Accrued liabilities 61,560 71,820 Bonds payable 142,500 68,400 Common stock 114,000 114,000 Retained earningsappropriated 91,200 11,400 Retained earningsunappropriated 314,640 345,078 Treasury stock, at cost (17,100) (9,120) $809,400 $697,338 For 2018 Year Net income $83,562 Depreciation expense 21,660 Amortization of patents 5,700 Cash dividends declared and paid 34,200 Gain or loss on sale of patents none Prepare a statement of cash flows 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 $ Adjustments to reconcile net income to $ $ Click if you would like to Show Work for this