P23-8B (SCFDirect and Indirect Methods) Comparative balance sheet accounts of Hamblin Company are impresented below

P23-8B (SCFDirect and Indirect Methods) Comparative balance sheet accounts of Hamblin Company are impresented below HAMBLIN COMPANY COMPARATIVE BALANCE SHEET ACCOUNTS AS OF DECEMBER 31 Debit Balances Cash Investments (available-for-sale) Accounts receivable Inventory Land Buidings Equipment Total assets Totals Credit Balances Allowance for doubtful accounts Accumulated depreciation-buildings Accumulated depreciation -equipment Accounts payable Income taxes payable Long-term notes payable Common stock Retained earnings Totals 2014 2013 $ 60,000 $ 71,500 30,000 55,000 152,000 136,000 118,000 84,000 50,000 15,000 160,000 160,000 60,000 41,500 $630,000 $563,000 $6,000 $3,000 40,000 32,000 24,000 18,500 102,000 13,000 8,000 65,000 80,000 295,000 236,500 85,000 90,000 $630,000 $563,000 95,000 36 8 36 8 Additional data: 1. Equipment that cost $20,000 and was 40% depreciated was sold in 2014. 2. Cash dividends were declared and paid during the year. 3. Common stock was issued in exchange for land. 4. Investments that cost $25,000 were sold during the year. 5. There were no write-offs of uncollectible accounts during the year. Hamblin's 2014 income statement is as follows. Instructions (a) Compute net cash provided by operating activities under the direct method. (b) Prepare a statement of cash flows using the indirect method