\fAdditional information: - Hidden Assets Inc retired bonds with hook value of $20,000 on January 1, 2012. - Dunhg 2012, Idden Assets Inc aoquired Property= Plant and Equipment for $40,000 cash. . Hidden Assets Inc did not issue any new long-term debt common stocks, or dividends during 2012. Required: a. Draw asmiley face El. [3 points) 11. Prepare the Statement of Cash Flows {indirect approach) for Idden Assets Inc for the period ended Dec 31, 2012. [50 points) Hidden Assets Inc, Statement ofns Flows for the period ended Dec 31, 2012 lCash Flows om Operating Activities Net Income 68,320 Depreciation Expense 8,000 Amortization Expense 800 Gain on Sale of Patent [200) Gain on Bond Retirement (2,000) Loss on Sale of Equipment 3,000 Decrease in Net Accounts Receivable 12,980 Decrease in Inventory 2,000 Decrease in Accounts Payable {10,000} Increase in Income Taxes Payable 40,500 Increase in Deferred Tax Liabilities 12,400 Amortization ofnnn'r Discount (4,800) * lCash Flows om lDperating Activities 131,000 lCash Flows om Investing Activities Sale of Patent 1,200 Sale of Property, Plant and Equipment 25,000 Acquisition of Property, Plant and Equipment {40,000} lCash Flows om Investing Activities {13,800} lCash Flows om Financing Activities Retirement of Bonds {18,000} Increase or Decrease in Cash 99,200 Beginning Balance, lClash 2003 24,500 Ending Balance, Cash 2004 123,200 * Note: lCan't just do a change in net bonds payahle as there is a retirement of bonds with hook value of $20,000