over frve years 2. Prepa 3. Prepare BRC's e-step format, with all revenues listed together and all income statement for the year ended December 31,201 re BRC's balance sheet at December 31,2018 listed together statement of cash flows for the year ended December 31,2018. tlows from operating activities by the direst method. Format cash f P14A-37A Preparing the statement of cash nlows-direct method Use the Rolling Hills, Inc. data from Problem P14-3MA. Requirements 1. Prepare the 2018 statement of cash flows by the direct method. 2. How will what you learned in this problem help you evaluate an investment? Appendix 14A 1.Net Cash Phow by Op. Act $125,100 Collections from Cust $438.900 P14B-38A Using a spreadsheet to prepare the statement of indirect method Appendix 148 The 2018 comparative balance sheet and income statement follow. Appleton dis of Appleton Group, Inc. posed of a plant asset at book value during 2018. Cash Pmt. of Di 528,300 Cash Pt. lor Acq o Land $25,200 APPLETON GROUP, INC. Income Statement Year Ended r 31, 2018 Net Sales Revenue Cost of Goods Sold Gross Profit 443,000 205,800 237,200 Salaries Expense Depreciation Expense-Plant Assets Other Operating Expenses Total Operating Expenses 5 76,800 15,400 49,300 141,500 95,700 Operating Income Other Income and (Expenses): 11,600 (24,400) Interest Revenue Interest Expense Total Other Income and (Expenses) (12,800) 82,900 16,200 66,700 Net Income Before Income Taxes Income Tax Expense Net Income APPLETON GROUP INC. Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 Assets Current Assets: 15,900 43,900 $ 14,700 Cash Accounts Receivable Merchandise Inventory 42,200 97,600 93,900 Long-term Assets: Land Plant Assets Accumulated Depreciation-Plant Assets 42,200 121,950 (20,250) S 298,400 17,000 110,750 (16,450) $ 265,000 Total Assets Liabilities Current Liabilities: $ 25,900 26,900 Accounts Payable Accrued Liabilities 24,500 22,700 Long-term Liabilities: 65,000 114,600 Notes Payable 51,000 Total Liabilities 101,400 Stockholders' Equity Common Stock, no par Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 138,900 130,700 19,700 150,400 $ 298,400 265,000 58,100 197,000 Prepare the spreadsheet for the 2018 statement of cash flows. Format cash flows from operating activities by the indirect method. A plant asset was disposed of for $0. The cost and accumulated depreciation of the disposed asset was $11,600. There were no sales of land, no retirement of common stock, and no treasury stock transactions. Assume plant asset and land acquisitions were for cash