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The comparative balance sheets and income statements for Gypsy Company follow: Balance Sheets As of December 31 Year 2 Year 1 Assets Cash Accounts receivable Inventory Equipment Accumulated depreciation-equipment Land Total assets Liabilities and equity Accounts payable (inventory) Long-term debt Common stock Retained earnings Total liabilities and equity $ 32,500 4,750 11,200 45,000 (17,800) 28,000 $103,650 $ 16,300 2,800 9,800 52,000 (21,800) 12,000 $ 71,100 $ 3,750 5,800 47,000 47,100 $103,650 $ 4,900 7,800 25,000 33,400 $ 71,100 Income Statement For the Year Ended December 31, Year 2 Sales revenue $ 61,200 Cost of goods sold (24,500) Gross margin 36,700 Depreciation expense (12,000) Operating income 24,700 Gain on sale of equipment 1,500 Loss on disposal of land (100) Net income $ 26,100 Additional Data 1. During Year 2, the company sold equipment for $21,500; it had originally cost $36,000. Accumulated depreciation on this equipment was $16,000 at the time of the sale. Also, the company purchased equipment for $29,000 cash. 2. The company sold land that had cost $6,000. This land was sold for $5,900, resulting in the recognition of a $100 loss. Also, common stock was issued in exchange for title to land that was valued at $22,000 at the time of exchange. 3. Paid dividends of $12,400. Required Prepare a statement of cash flows using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) GYPSY COMPANY Statement of Cash Flows For the Year Ended December 31, Year 2 Cash flows from operating activities: Net income $ 26,100 Less: Increases in current assets and Decreases in current liabilities: Increase in accounts receivable (1,950) Increase in inventory (1,400) Decrease in accounts payable (1,150) Plus: Noncash charges Depreciation expense Plus: Gain on sale of equipment Less: Loss on disposal of land 12,000 (1,500) 100 $ 32,200 Cash flows from investing activities: Proceeds from sale of land Paid to purchase equipment Paid to purchase equipment 5,900 (29,000) 21,500 X x (1,600) Net cash outflow from financing activities Cash flows from financing activities: Paid for dividends Repayment of debt (12,400) (2,000) Net cash outflow from financing activities Net increase in cash Plus: Beginning cash balance Ending cash balance Schedule of noncash investing and financing activities: (14,400) 16,200 16,300 32,500 $ $ 0