K Accountants for Morganson, Inc. have assembled the following data for the year ended December 31, 2024 (Click the icon to view the current accounts.) (Click the icon to view the transaction data) Prepare Morganson's statement of cash flows using the indirect method. Include an accompanying schedule of non-cash investing and financing activities Complete the statement one section at a time, beginning with the cash flows from operating activities. (Use a minus sign or parentheses for amounts that result in a decrease in cash. If a box is not used in the statement, leave the box empty, do not select a label or enter a zero) Morganson, Inc. Statement of Cash Flows Year Ended December 31, 2024 Cash Flows from Operating Activities Net Income Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities: 4 Data table 2024 2023 Current Assets: Cash Accounts Receivable Merchandise Inventory $ 99,400 $ 25,000 64,100 69,700 83,000 75,000 Current Liabilities: Accounts Payable 57,600 55,200 Income Tax Payable 14,800 16,800 -X Data table Transaction Data for 2024: Issuance of common stock for cash $ 38,000 Payment of notes payable $ 46,100 Depreciation expense 24,000 Payment of cash dividends 50,000 Purchase of equipment with cash 74,000 Issuance of notes payable to borrow cash 62,000 Acquisition of land by issuing long-term notes payable 119,000 Gain on sale of building 4,500 Book value of building sold 54,000 Net income 68,500 - X