III. Statement of Cash Flows: Comparative balance sheets of Shawnee Inc. as of December 31, 20x8 and 20x7 and information relating to activities for the year 20x8 are presented below: 12/31/x7 Cash Accounts Receivable Merchandise Inventory Long-term Investments Property & Equipment (Cost) Accumulated Depreciation Intangible Assets 12/31/x8 $71,200 69,500 29,000 22,300 99,500 (19,000) 7,500 280,000 $33,700 60,000 24,000 37,500 75,000 (11,500) 8,000 226,700 Accounts Payable Long-Term Note Payable Common Stock Additional Paid-in Capital Retained Earnings 33,500 26,000 35,000 117,000 68,500 280,000 27,000 30,000 25,000 100,000 44,700 226,700 Additional data: dimit Net income for the year was $44,800. Cash dividends declared during the year were $21,000. Long-term investments that cost $20,000 were sold during the year for $24,000. Equipment that cost $3,600 on which depreciation of $800 had accumulated was sold for $2,200. No other PP&E was sold during the year. The amortization of intangible assets amounted to $500. si Required: Prepare the statement of cash flow of Shawnee Inc. for the year 20x8 (all three sections required) using the indirect method for calculating cash flow from operations. (Hint: All items appearing in the cash flow statement may not be specifically mentioned in the additional data. Prepare T-accounts for non-current assets and liabilities and find missing numbers that will appear on the cash flow statement.)