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 eguipment 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 $170,000 $74,000 Accounts Receivable (net) 78,000 85,000 Inventories 106,500 90,000 Equipment 395,000 370,000 Accumulated Depreciation (195,000) (158,000) Total assets $554,500 $461,000 Liabilities and stockholders' equity Accounts Payable (merchandise creditors) $51,000 $50,000 Taxes Payable 2,500 5,000 Common Stock, $10 par 262,000 230,000 239,000 176,000 Retained Earnings 554,500 $461,000 Total Liabilities and Stockholders Equity Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments Breadh Co Statement of Cash Flows For Year Ended December 31, Cash flows from operating activities Previous Email instructor Submit Test for Gradin Time Remaining: 1:14:04 80 Calculator Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments. Breach Co. Statement of Cash Flows For Year Ended December 31 Cash flows from operating activities Adjustments to reconcile net income to net cash flow from operating activities: Changes in curent operating assets and liabilities Net cash flow from operating activities Cash flows from investing activities Net cash flow used for investing activities Cash flows from financing activities Net cash flow provided by financing activities Cash at the beginning of the year Cash at the end of the year Time Remaining: 1:13:40