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1 For the year just completed, Hanna Company had net income of $90,500. Balances in the company's current asset and current liability accounts at the beginning and end of the year were as follows: 2 points December 31 End of Beginning Yaar ot Year ebook Current assets. Cash and cash equivalente Mccounts receivable Inventory Prepaid expenses Current Liabilities Accounts payable Acerued liabilities Income taxes payable $ 64,000 $ 79,000 $168,000 $180,000 $448.000 $350,000 $ 11,000 $14,500 $364,000 $400,000 $ 7,500 $ 12,000 $ 34,000 $ 25,000 The Accumulated Depreciation account had total credits of $50,000 during the year. Hanna Company did not record any gains or losses during the year. Print Rulorences Required: Using the Indirect method, determine the net cash provided by operating activities for the year. (List any deduction in cash and cash outflows as negative amounts.) Hanna Company Statement of Cash Flows-Indirect Method (partial) Net Income Adjustments to convert net income to a cash basis: Depreciation S 50.000 $ 90,500 3 i ne following changes took place last year in Pavolik company s Dalance sneet accounts: Nawet and conte-Annet ecounts Cash Accounts receivable Inventory Prepaid expenses Long-term investments Property, plant, and equipment Necumulated depreciation 3 points MBELEA tokholdere quity Account Accounts payable 9.721 Accrued liabilities 5 29 Incone taxes payable $ 341 anda payable 52441 Cannon atock $116D Metained earning 25 D $ 291 $ 68 D $ 241 $ 26 D 34701 $ 971 eBook D=Decrease; 1 Increase Long-term investments that cost the company $26 were sold during the year for $56 and land that cost $55 was sold for $29. In addition, the company declared and paid $23 in cash dividends during the year. Besides the sale of land, no other sales or retirements of plant and equipment took place during the year. Pavolik did not retire any bonds during the year or issue any new common stock. The company's income statement for the year follows: Hint $1,170 516 654 470 References 104 Sales Coat of goods sold Gross margin Selling and administrative expensen Net operating Incone Monoperating items Loss on sale of land Cain on sale of investments Income before taxes Income taxes $(26) 30 188 60 $ 120 Net incom The company's beginning cash balance was $138 and its ending balance was $113. Required: 1. Use the indirect method to determine the net cash provided by operating activities for the year 2. Prepare a statement of cash flows for the year