Nathan Herrmann has completed the basic format to be used in preparing the statement of cash flows (indirect method) for CEO Consultants Listed below in random order are line items to be included in the statement of cash flows Purchase of equipment Increase in inventory Increase in prepaid rent Payment of dividends Depreciation expense Increase in accounts receivable Increase in accounts payable Loss on sale of land Net income Repayment of notes payable Cash received from the sale of land Issuance of common stock $ 220,000 30,000 10,000 40,000 20,000 60,000 10,000 7,000 70,000 50,000 3,000 250,000 Prepare the statement of cash flows for CEO Consultants using the indirect method. (Amounts to be deducted and negative values should be indicated by minus sign.) CEO CONSULTANTS Statement of Cash Flows For the Year End December 11, 2021 Prepare the statement of cash flows for CEO Consultants using the indirect method. (Amounts to be deducted and negative values should be indicated by minus sign.) CEO CONSULTANTS Statement of Cash Flows For the Year Ended December 31, 2021 Cash Flows from Operating Activities Net income $ 70,000 Adjustments to reconcile net income to net cash flows from operating activities: Depreciation expense 20,000 Increase in inventory Increase in prepaid rent Increase in accounts recolvable Increase in accounts payable $ 90,000 Net cash flows from operating activities Cash Flows from Investing Activities Purchase of equipment Cash received from sale of land Net cash flows from investing activities Cash Flows from Financing Activities Increase in accounts payable $ 90,000 Net cash flows from operating activities Cash Flows from Investing Activities Purchase of equipment Cash received from sale of land Net cash flows from investing activities Cash Flows from Financing Activities Payment of dividends Repayment of notes payable Issuance of common stock Net cash flows from financing activities Net increase (decrease) in cash Cash at the beginning of the period Cash at the end of the period (50,000) 95,000 45,000 $