P-F:16-34A Preparing the statement of cash flowsindirect method with non-cash transactior The 2024 income statement and comparative balance sheet of Rolling Hills, Inc. follow: ROLLING HILLS, INC. Income Statement Year Ended December 31, 2024 Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses: Salaries Expense Depreciation ExpensePlant Assets Other Operating Expenses Total Operating Expenses Operating Income Other Income and (Expenses): Interest Revenue Interest Expense Total Other Income and (Expenses) Net Income Before Income Taxes Income Tax Expense Net Income $ 77,400 14,400 10,200 8,700 (21,100) 5 440,000 209,200 230,800 102,000 1 28,800 (12,400) 1 16,400 20,000 5 96.400 ROLLING HILLS. INC. Comparative Balance Sheet December 31, 2024 and 2023 2024 Assets Current Assets: Cash 3 26,900 Accounts Receivable 26,500 Merchandise Inventory 79,800 Long-term Assets: Land 35,100 Plant Assets 124,840 Accumulated DepreciationPlant Assets (18,940) Total Assets 5 274,200 Liabilities Current Liabilities: Accounts Payable $ 35,700 Accrued Liabilities 28,700 Long-term Liabilities: Notes Payable 79,000 Total Liabilities 143,400 Stockholders' Equity Common Stock, no par 88,900 Retained Earnings 41,900 Total Stockholders' Equity 130,800 Total Liabilities and Stockholders' Equity 5 274,200 2023 $ 15,700 25,400 91,500 14,000 1 14,650 (17,950) 5 243,300 $ 30,400 30,300 108,000 168,700 64, 500 10,100 74,600 S 243,300