Hi,

Please need help with the following asap.

Thanks

A comparative balance sheet for Lomax Company containing data for the last two years is as follows: Lomax Company Comparative Balance Sheet This Year Assets Current assets: Cash and cash equivalents Account s receivable Inventor y Prepaid expenses $ 89,000 Last Year $ 64,400 626,000 655,000 629,600 438,000 24,400 14,000 1,369,000 1,171,400 2,460,000 1,872,000 636,600 576,200 1,823,400 1,295,800 Long-term investments 117,800 184,000 Loans to subsidiaries 138,000 79,000 $ 3,448,200 $ 2,730,200 Total current assets Property, plant, and equipment Less accumulate d depreciatio n Net property, plant, and equipment Total assets Liabilities and Stockhold ers' Equity Current liabilities Account s payable Accrued liabilities Income taxes payable $ 898,800 $ 588,000 35,800 58,200 156,400 132,400 1,091,000 778,600 710,000 454,000 Total liabilities 1,801,000 1,232,600 Stockhold ers' equity: Common stock Retained earnings 1,126,000 1,018,000 521,200 479,600 Total stockholder s' equity 1,647,200 1,497,600 Total liabilities and stockholder s' equity $ 3,448,200 $ 2,730,200 Total current liabilities Bonds payable The following additional information is available about the company's activities during this year: a. The company declared and paid a cash dividend this year. b. Bonds with a principal balance of $398,000 were repaid during this year. c. Equipment was sold during this year for $79,000. The equipment had cost $166,000 and had $61,600 in accumulated depreciation on the date of sale. d. Long-term investments were sold during the year for $146,000. These investments had cost $66,200 when purchased several years ago. e. The subsidiaries did not repay any outstanding loans during the year. f. Lomax did not repurchase any of its own stock during the year. The company reported net income this year as follows: Sales $ 3,360,000 Cost of goods sold 2,083,200 Gross margin Selling and administra tive expenses Net operating income Nonoper ating items: Gain on sale of investmen ts Loss on sale of equipment Income before taxes Income taxes Net income 1,276,800 1,025,400 251,400 $ 79,800 25,400 54,400 305,800 98,000 $ 207,800 Required: 1. Using the indirect method, prepare a statement of cash flows for this year. (List any deduction in cash and cash outflows as negative amounts.)