P12-9A Condensed financial data of Granger Inc. follow. GRANGER INC. Comparative Balance Sheets December 31 Assets 2017 Cash $ 80,800 Accounts receivable 87,800 Inventory 112,500 Prepaid expenses 28,400 Long-term investments 138,000 Plant assets 285,000 Acc&mulated depreciation (50,000) Total $682,500 Liabilities and Stockholders' Equity Accounts payable $102,000 Accrued expenses payable 16,500 Bonds payable 110,000 Common stock 220,000 Retained earnings 234,000 Total $682,500 2016 $ 48,400 38,000 102,850 26,000 109,000 242,500 (52,000) $514.750 $ 67,300 21,000 146,000 175,000 105,450 $514.750 GRANGER INC. Income Statement Data For the Year Ended December 31, 2017 Income Statement Data For the Year Ended December 31, 2017 Sales revenue $388,460 Less: Cost of goods sold $135.460 Operating expenses, excluding depreciation 12,410 Depreciation expense 46,500 Income tax expense 27,280 Interest expense 4.730 Loss on disposal of plant assets 7500 233,880 Net income $154.580 Additional information: 1. New plant assets costing $100,000 were purchased for cash during the year. 2. Old plant assets having an original cost of $57,500 and accumulated depreciation of $48,500 were sold for $1,500 cash. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of $26,030 was declared and paid during the year. Instructions Prepare a statement of cash flows using the indirect method. Net cash provided-oper, act. $196,930 Prepare a statement of cash flows--direct method. (10 4), AP