More Info X Additional data: a. Acquisition of plant assets was $146,000. Of this amount, $102,000 was paid in cash and $44,000 was financed by signing a note payable. b. Proceeds from the sale of land totaled $45,000. c. Proceeds from the issuance of common stock totaled $35,000. d. Payment of a long-term note payable was $11,000. e. Payment of dividends was $14,000. f. From the balance sheets: December 31, 2018 2017 Current assets: Cash $ 39,500 $ 100,000 50,000 61,000 Accounts receivable Inventory Prepaid expenses 33,000 65,000 9,800 8,100 Current liabilities: Print Done i Data Table - x Breen Travel Products, Inc. Income Statement Year Ended December 31, 2018 Revenues: $ 245,000 8,100 $ $ 253,100 Service revenue Dividend revenue Expenses: Cost of goods sold Salary expense Depreciation expense Advertising expense 102,000 78,000 33,000 2,000 Interest expense 1,900 11,000 227,900 Income tax expense $ 25,200 Net income Print Done The income statement and additional data of Breen Travel Products, Inc., follow: Click the icon to view the income statement.) Click the icon to view the additional data) Requirements 1. Prepare Breen's statement of cash flows for the year ended December 31, 2018, using the Indirect method. 2. Evaluate the company's cash flows for the year. In your evaluation, mention all three categories of cash flows and give the rationale for your evaluation UWW net cash provided by used for) operating activities: Depreciation $ 33,000 Decrease in accounts receivable 11,000 Decrease in inventory 32,000 Increase in prepaid expenses (1.700) Increase in accounts payable 21,000 Decrease in accrued liabilities (13,000) 82,300 Net cash provided by used for) operating activities 107,500 Cash flows from Investing activities: Acquisition of plant assets Proceeds from sale of land Net cash provided by used for) investing activities