FINANCIAL ACCOUNTING II During calendar-year 2019, Octopus, Inc. had the following information in its accounting records: Net income for the year - $ 80,000 Cash balance, January 16 - $30,000 Cash balance, December 31 - $42,000 Depreciation expense - $40,000 Sold land with an original cost basis of $10,000 for $7,000 in cash. Borrowed $60,000 in cash by issuing bonds. The net accounts receivable account balance decreased by $2,000 during the year. Purchased a short-term investment for $25,000 Repaid outstanding notes payable for cash of $30,000 The accounts payable account balance decreased by $7,000 during the year. Purchased new equipment for $150,000 in cash. The inventory account balance increased by $5,000 during the year. Issued common stock for $76,000 in cash The salaries payable account balance decreased by $3,000 during the year. Paid cash dividends of $35,000. The interest payable account balance increased by $2,000 during the year. Redeemed $22,000 in outstanding debentures by issuing $22,000 in preferred stock The income tax payable account balance decreased by $3.000 during the year. Using the information above, assemble a statement of cash flows for Octopus, Inc., using the indirect method, for the year ended December 31, 2019 Hint: Remember that changes in the balances of operating accounts (current assets and current liabilities) during the year affect cash from operating activities in the following manners: o o o an increase in a current asset account is a decrease in cash, a decrease in a current asset account is an increase in cash, an increase in a current liability account is an increase in cash, and a decrease in a current ability account is a decrease in cash