Maps Question 3 Hot yet answered Marked out of 2.00 Flag question As the accountant for Far Away Corporation, you are responsible for preparing the cash flow statement. You have decided to prepare the statement using the indirect method and have gathered together the following data from the accounting records: Long Term Debt payments $ Collections on accounts receivable 90,000 $ Increase in accounts payable 62,000 $ 15,000 Acquisition of equipment by issuing non- current note payable $ 70,000 Depreciation expense $ 28,000 Collection of long-term loan receivables $ 63,000 Proceeds from sale of investments $ 55,000 Gain on sale of investments $ 3,200 Increase in accounts receivable $ 8,500 Cash payments to purchase capital assets $ 34,000 Decrease in accrued liabilities $ 9,500 Payment of cash dividends $ 16,500 Income tax expense $ 25,000 Proceeds from sale of capital assets $ 50,000 Loss on sale of capital assets $ 8,300 Net income $ 75,000 Cash sales $ 78.000 Proceeds from issuance of common shares $ 32,000 Increase in inventory $ 12,000 Loan to another company $ 18,000 Bonds payable converted into common shares S 60,000 Decrease in prepaid expenses $ 3.500 Cash balance: December 31, 2018 $ 85.000 Cash balance: December 31, 2019 $ 223,100 Required Loss on sale of capital assets $ 8,300 Net income $ 75,000 Cash sales $ 78,000 Proceeds from issuance of common shares $ 32,000 Increase in inventory s 12,000 Loan to another company $ 18,000 Bonds payable converted into common shares $ 60,000 Decrease in prepaid expenses 3,500 Cash balance: December 31, 2018 $ 85,000 Cash balance: December 31, 2019 $ 223,100 Required Prepare the cash flow statement for the year ended December 31, 2019 under ASPE, using the Indirect method and include a schedule of noncash investing and financing activities, if necessary. $ Paragraph B 1 TI e O ne here to search