Mead Corporation is a private company that follows ASPE and has a December 31 year-end. Listed below are increases and decreases that occurred during 2019 in the asset. liability and shareholders' equity accounts extracted from Mead's Statement of Financial Position. For example, the cash account shows an increase of $120.000 from its opening balance on January 1, 2019 to its ending balance on December 31, 2019. Increase (decrease Cash Short-term investments (cash equivalents) Accounts receivable Inventory Long-term investments Property, plant & equipment Accumulated depreciation Total $ 120,000 300,000 0 80,000 (100,000) 700,000 0 $1.100,000 Liabilities and Shareholders Equity Accounts payable and accrued liabilities Dividend payable Bank overdraft (cash equivalents) Long-term debt Common shares, no par, an additional 10,000 shares Retained earnings Total (5,000) $ 160,000 325,000 110,000 220,000 290.000 S1.100.000 Additional information for 2019 For purposes of preparing its Cash Flow Statement, Mead Corporation defines "cast" as the cash account and any accounts considered as cash equivalents. In this question cash equivalents are short-term investments minus bank overdraft. 2. A building costing 5600,000 and having a carrying amount of 5350,000 was sold for $350,000 3. 4. 5. A long-term investment was sold for $135,000. There were no other transactions affecting long-term investments. Equipment costing $110.000 was acquired through issuance of long-term debt. Common shares were issued for $22 per share. Net income for 2019 was $790,000 Income tax paid during 2019 was 5122,000. Interest paid on long-term debt during 2019 was $75,000 6. 7. 8. Assume that the balance in the cash and cash equivalent accounts was $145,000 on January 1, 2010 and $240,000 on December 31, 2019. Required: Prepare the Cash Flow Statement for Mead Corporation for the year ending December 31, 2019 using the indirect method Your completed Cash Flow Statement should appear on page 10. Use pages 11 and 12 for rough work calculations and or T-accounts. Only your completed Cash Flow Statement on page 10 will be graded