On the basis of the following data for Breach Co. for the current and preceding years ended December 31, prepare a statement of cash flows using the indirect method Assume that equipment costing $25,000 was purchased for cash and no long-term assets were sold during the period Stock was issued for cash-3,200 shares at par Net income for the current year was $76,000 Cash dividends declared and paid were $13,000 Current Year Prior Year Assets Cash Accounts Receivable (net) Inventories Equipment Accumulated Depreciation Total assets $170,000 78,000 106,500 395,000 (195,000) 554,500 $74,000 85,000 90,000 370,000 (158,000) $461,000 Liabilities and stockholders' equity Accounts Payable (merchandise creditors) Taxes Payable Common Stock, $10 par Retained Earnings Total Liabilities and Stockholders' Equity $51,000 2,500 262,000 239,000 $554,500 $50,000 5,000 230,000 176,000 $461,000 Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments. Breach Co. Statement of Cash Flows