Objective 3) statement of cash flows-indirect method 20-25 min The income statement and additional data of Rayborn Services, Inc., follow Rayborn Services, Inc. Income Statement Year Ended April 30, 2010 $262,000 11.000 Sales Revenue Dividend Revenue $273,000 Total Revenues 107,000 60,000 18,000 14,000 9,000 8,000 Cost of Goods Sold Salary Expense Depreciation Expense Advertising Expense Interest Expense Income Tax Expense 216,000 $ 57.000 Total Expenses Net Income Additional data follows: a. Acquistion of plant assets totaled $116.000, Of this amount, $101,000 was paid in cash and a $15,000 note payable was signed for the remainder b. from the sale of land totaled $22,000. No gain was recognized on the sale. c. Proceeds from issuance of common stock total $34,000. d. Payment of long-term note payable was $15,000 e. Payment of dividends was $14,000. . Data from the comparative balance sheet follow: 2010 2009 June 30 Current Assets: Cash. Accounts Receivable Inventory Current Liabilities: Accounts Payat b. $30,000 $21,000 42,000 57,000 89,000 83,000 $38,000 $31,000 12,000 20,000 Accrued Liabilities... Requirements 1. Prepare Rayborn Services' statement of cash flows for the year ended April 30, 2010, using the indirect method. 2. Evaluate Rayborn Services' cash flows for the year. In your evaluation, men- tion all three categories of cash flows and give the reason for your evaluation