he income statement and additional data of Norcross Travel Products, Inc., follow: (Click the icon to view the income statement.) (Click the icon to view the additional data.) Requirements 1. Prepare Norcross' statement of cash flows for the year ended December 31, 2018, using the indirect method. 2. Evaluate the company's cash flows for the year. In your evaluation, mention all three categories of cash flows and give the rationale for your evaluation. Year Ended December 31, 2018 Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by (used for) operating activities: Net cash provided by (used for) operating activities 9A (similar to Question Help i Data Table X - ome statement and ck the icon to view ements epare Norcross' stat aluate the company Gonale for your evalu Norcross Travel Products, Inc. ect method cash flows and give the Income Statement Year Ended December 31, 2018 Revehues flows from operat Service revenue $ 279,000 8,400 $ 287,400 Dividend revenue adjustments to recong met cash provided by Expenses: Cost of goods sold Salary expense Depreciation expense Advertising expense Interest expense Income tax expense 103,000 58.000 35,000 2,900 1,900 13,000 213,800 $ 73,600 Net cash provide Net income se from any list or er New amel Print Done Question Help 1 7-19A (similar tal e income stateme * More Info (Click the icon to equirements Prepare Norcro Evaluate the col rationale for you hod. ows and give the Additional data: a. Acquisition of plant assets was $148,000. Of this amount, $105,000 was paid in cash and $43,000 was financed by signing a note payable. b. Proceeds from the sale of land totaled $87,000. c. Proceeds from the issuance of common stock totaled $60,000, d. Payment of a long-term note payable was $20,000. e. Payment of dividends was $12,000. f. From the balance sheets: Cash flows from Adjustments to net cash provid December 31, 2018 2017 $ $ 28,600 62,000 Current assets: Cash Accounts receivable Inventory Prepaid expenses 150,000 42,000 48,000 9.600 65,000 8.400 Nel cas Current liabilities: New ?hme Choose from any i Print Done swer 4 parts remaining STF Question Help x - 9A (similar tol ome stateme 0 More Info ck the icon to ements epare Norcro waluate the co tionale for you hod. ows and give the b. Proceeds from the sale of land totaled $87,000. c. Proceeds from the issuance of common stock totaled $60,000. d. Payment of a long-term note payable was $20,000. e. Payment of dividends was $12,000. f. From the balance sheets: rement 1. Pre indirect method. by completing ancash investir Base in cash.) December 31 2018 2017 ash flows, including and for a net Current assets: Cash Accounts receivable Inventory Prepaid expenses 150,000 42.000 48,000 9,600 $ 28,600 62,000 65,000 8,400 Cash flows from Adjustments to net provid Current liabilities: Accounts payable Accrued liabilities 35,000 21,000 $ 21,000 68,000 moose from any lig ?hr Print Done parts remaining iswer