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35.On the basis of the following data for Larson Co. for the year ending December 31 Year 2, and the preceding year ended December 31 Year 1, prepare a statement of cash flows, Use the indirect method of reporting cash flows from operating activities. In addition to the balance sheet data, assume that: Equipment costing $125,000 Equipment costing $85,000 with accumulated depreciation of $65,000 was sold for $15,000. The stock was issued for cash. purchased for cash. was The only entries in the retained earnings account were net income of $51,000 and cash dividends declared of $13,000. Year 2 Year 1 $ 78,000 $100,000 78,000 101,500 410,000 Cash 85,000 90,000 370,000 (158,000) $465,000 Accounts receivable (net) Inventories Equipment Accumulated depreciation (150,000) $539,500 $ 58,500 $ 55,000 Accounts payable (merchandise creditors) Cash dividends payable Common stock, $10 par Paid-in capital in excess of par-common stock Retained earnings 4,000 170,000 60,000 176,000 $465,000 5,000 200,000 62,000 214.000 $539,500