JAMES LVMAN COMPANY Comparative Balance Sheets December 31 Additional information: 1. Net income for the year ending December 31,2011 was $17,000. 2. Depreciation expense for the year was $10,000. 3. During the year equipment was sold for $10,000 cash at a loss. This equipment cost $15,000 originally and had a book value of $11,000 at the time of sale. 4. Cash dividends were declared on December 2,2011 and paid on December 20,2011 with record on December 15, 2011. 2. Calculate net cash flows from operating activities for 2011 . Label each number included in the calculation. Make sure to indicate whether the net result is cash inflows or outflows. (7 points) JAMES LVMAN COMPANY Comparative Balance Sheets December 31 Additional information: 1. Net income for the year ending December 31,2011 was $17,000. 2. Depreciation expense for the year was $10,000. 3. During the year equipment was sold for $10,000 cash at a loss. This equipment cost $15,000 originally and had a book value of $11,000 at the time of sale. 4. Cash dividends were declared on December 2,2011 and paid on December 20,2011 with record on December 15, 2011. 2. Calculate net cash flows from operating activities for 2011 . Label each number included in the calculation. Make sure to indicate whether the net result is cash inflows or outflows. (7 points)