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 14 - $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 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 liability account is a decrease in cash