K The 2024 income statement and comparative balance sheet of Granite Rock, Inc. follow: (Click the icon to view the income statement.) Click the icon to view the comparative balance sheet.) Increase in Accounts Receivable Decrease in Merchandise Inventory Increase in Accounts Payable Decrease in Accrued Liabilities Net Cash Provided by (Used for) Operating Activities Cash Flows from Investing Activities: (1,300) 11,700 5,700 (2,400) Cash Payment for Acquisition of Plant Assets (18,300) Net Cash Provided by (Used for) Investing Activities Cash Flows from Financing Activities: Cash Payment of Notes Payable Cash Receipt from Issuance of Common Stock Cash Payment of Dividends Net Cash Provided by (Used for) Financing Activities 27,800 126,700 (18,300) (C Read th Net Sales Revenue Cost of Goods Sold Gross Profit Granite Rock, Inc. Income Statement Year Ended December 31, 2024 $ 434,000 207,200 226,800 Operating Expenses: Salaries Expense $ 71,400 Depreciation Expense-Plant Assets 14,100 Other Operating Expenses 10,300 Total Operating Expenses 95,800 Operating Income 131,000 Other Income and (Expenses): Interest Revenue 8,400 Interest Expense (21,500) Total Other Income and (Expenses) (13,100) Net Income Before Income Taxes 117,900 19,000 Income Tov Evnonco Data table Granite Rock, Inc. Comparative Balance Sheet December 31, 2024 and 2023 Current Assets: Cash Accounts Receivable Merchandise Inventory Assets Long-term Assets: Land Plant Assets Accumulated Depreciation-Plant Assets Total Assets Current Liabilities: Accounts Payable Accrued Liabilities 2024 2023 27,000 $ 15,000 26,300 25,000 79,300 91,000 35,200 13,000 121,150 115,480 (21,250) (19,780) $ 267,700 $ 239,700 Liabilities $ 35,600 $ 29,900 28,400 30,800 Print Done Current Liabilities: Accounts Payable Accrued Liabilities Long-term Liabilities: Notes Payable Liabilities 69 35,600 $ 29,900 28,400 30,800 75,000 101,000 Total Liabilities 139,000 161,700 Stockholders' Equity Common Stock, no par 88,400 64,100 40,300 13,900 Retained Earnings 128,700 Total Stockholders' Equity 78,000 $ 267,700 $ Total Liabilities and Stockholders' Equity 239,700 Print Done Operating Income Other Income and (Expenses): Interest Revenue Interest Expense Total Other Income and (Expenses) Net Income Before Income Taxes Income Tax Expense Net Income Print Done 131,000 8,400 (21,500) (13,100) 117,900 19,000 $ 98,900 More info Additionally, Granite Rock purchased land of $22,200 by financing it 100% with long-term notes payable during 2024. During the year, there were no sales of land, no retirements of stock, and no treasury stock transactions. A plant asset was disposed of for $0. The cost and accumulated depreciation of the disposed asset was $12,630. The plant acquisition was for cash. Print Done -X Requirements 1. Prepare the 2024 statement of cash flows, formatting operating activities by the indirect method. 2. How will what you learned in this problem help you evaluate an investment? Print Done -