of Cash Flows (Indirect Method) Use the following information regarding the Lund Corporation to (a) prepare a statement of cash flows using the indirect method and (b) compute Lund's operating-cash-flow-to-current-liabilities ratio. Accounts payable increase $13,500 Accounts receivable increase 6,000 Accrued liabilities decrease 4,500 Amortization expense 9,000 Cash balance, January 1 35,000 Cash balance, December 31 22.500 Cash paid as dividends 43.500 Cash paid to purchase land 135,000 Cash paid to retire bonds payable at par 90,000 Cash received from Issuance of common stock $2,500 Cash received from sale of equipment 25,500 Depreciation expense 43,500 Gain on sale of equipment 6,000 Inventory decrease 19.500 Net income 114,000 DILISTLUS Return to course Net income Prepaid expenses increase Average current liabilities 114,000 3,000 150,000 0 a. Use negative signs with cash outflow answers. LUND CORPORATION Statement of Cash Flows For Year Ended December 31 Cash Flow from Operating Activities Net Income $ Add (deduct) items to convert net income to cash basis Depreciation Amortization Gain on Sale of Equipment Accounts Receivable Increase Inventory Decrease Prepaid Expenses Increase Accounts Payable Increase Accrued Liabilities Decrease 0 0 0 0 0 0 0 0 Cr...all