For CARDINAL CORPORATION, using EXCEL, prepare a statement of cash flows. Make sure you use the INDIRECT method of presenting cash flows from operating activities. I strongly encourage you to transfer the amounts below to your EXCEL spreadsheet first. The comparative balance sheet of CARDINAL CORP. for Dec. 31, 2019 and 2018, is: Dec. 31, 2019 Dec. 31, 2018 Assets Cash $70,720 $47,940 Accounts receivable (net) 207,230 188,190 Inventories 298,520 289,850 Investments 0 102,000 Land 295,800 0 Equipment 438,600 358,020 Accumulated depreciationequipment (99,110) (84,320) Total assets $1,211,760 $901,680 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $205,700 $194,140 Accrued expenses payable (operating expenses) 30,600 26,860 Dividends payable 25,500 20,400 Common stock, $1 par 202,000 102,000 Paid-in capital in excess of parcommon stock 354,000 204,000 Retained earnings 393,960 354,280 Total liabilities and stockholders' equity $1,211,760 $901,680 The accrual basis income statement for CARDINAL CORP. for the year ended December 31, 2019, is as follows: Sales $2,023,898 Cost of goods sold (1,245,476) Gross profit $778,422 Operating expenses: Depreciation expense $14,790 Other operating expenses 517,299 Total operating expenses (532,089) Operating income $246,333 Other expenses: Loss on sale of investments (10,200) Income before income tax $236,133 Income tax expense (94,453) Net income $141,680 Additional data obtained from an examination of the accounts in the ledger for 2019 are as follows: Equipment and land were acquired for cash. There were no disposals of equipment during the year. The investments were sold for $91,800 cash. The common stock was issued for cash. There was a $102,000 debit to Retained Earnings for cash dividends declared.

1 Using EXCEL, prepare a statement of cash flows. Make sure you use the INDIRECT method of presenting cash flows from operating activities. 2 The comparative balance sheet of CARDINAL CORP. for Dec. 31, 2019 and 2018, is: Dec 31, 2019 Dec 31, 2018 $70,720 207,230 298,520 $47,940 188,190 289,850 102,000 4 Assets 5 Cash 6 Accounts receivable (net) 7 Inventories 8 Investments 9 Land 10 Equipment 11 Accumulated depreciation equipment 12 Total assets 13 Liabilities and Stockholders' Equity 14 Accounts payable (merchandise creditors) 15 Accrued expenses payable (operating expenses) 16 Dividends payable 17 common stock, $1 par 18 Pald-in capital in excess of par-common stock 19 Retained earnings 20 Total liabilities and stockholders' equity 295,800 438,600 -99,110 $1,211,760 358,020 -84,320 $901,680 $205,700 30,600 25,500 202,000 354,000 393,960 $1,211,760 $194,140 26,860 20,400 102,000 204,000 354,280 $901,680 21 22 The accrual basis income statement for CARDINAL CORP. for the year ended December 31, 2019, is as follows: 23 Sales $2,023,898 24 Cost of goods sold -1,245,476 25 Gross profit $778,422 26 Operating expenses: 27 Depreciation expense $14,790 28 Other operating expenses 517,299 29 Total operating expenses -532,089 30 Operating Income $246.333 31 Other expenses: 32 Loss on sale of investments -10,200 33 Income before Income tax $236,133 34 Income tax expense -94,453 35 Net Income $141,680 36 bllows: 37 Additional data obtained from an examination of the accounts in the ledger for 2019 are 38 Equipment and land were acquired for cash. 39 There were no disposals of equipment during the year. 20 The investments were sold for $91,800 cash. #1 The common stock was issued for cash. #2 There was a $102,000 debit to Retained Earnings for cash dividends declared