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Novak Inc. Comparative Balance Sheets December 31 2025 Assets Cash $145,440$87,120 Accounts receivable 158,04068,400 Inventory 202,500185,130 Prepaid expenses 51,12046,800 Long-term investments 248,400196,200 Plant assets 513,000436,500
Novak Inc. Comparative Balance Sheets December 31 2025 Assets Cash $145,440$87,120 Accounts receivable 158,04068,400 Inventory 202,500185,130 Prepaid expenses 51,12046,800 Long-term investments 248,400196,200 Plant assets 513,000436,500 Accumulated depreciation Total Liabilities and Stockholders' Equity Accounts payable $183,60029,700198,000396,000$121,14037,800262,800315,000 Accrued expenses payable Bonds payable Common stock Common stock \begin{tabular}{rrr} 396,000 & & 315,000 \\ 421,200 & & 189,810 \\ & & $926,550 \\ \hline \end{tabular} Novak Inc. Income Statement Data For the Year Ended December 31, 2025 Sales revenue $699,228 Less: Cost of goods sold $243,828 Operating expenses, excluding depreciation 22,338 Depreciation expense 83,700 Income tax expense 49,104 Interest expense 8,514 Loss on disposal of plant assets Net income Additional information: Additional information: 1. New plant assets costing $180,000 were purchased for cash during the year. 2. Old plant assets having an original cost of $103,500 and accumulated depreciation of $87,300 were sold for $2,700 cash. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of $46,854 was declared and paid during the year. 5. Common stock was issued at par for cash. 6. There were no significant noncash transactions. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. 15,000 or in parenthesis e.g. (15,000).) Adilistments to reconcile net income to
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