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Neit incomen wiss ropgited at 145,400 Rensarkel: fier iliceme mast reparted at 555,600 . Required: Net income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense Increase in accounts receivable Decrease in inventory Increase in prepaid rent v Increase in accounts payable Decrease in income taxes payable Net cash provided by operating activities V Cash Flows from Investing Activities Acquisition of plant and equipment V Cash Flows from Financing Activities Retirement of bonds payable Issuance of short-term notes payable V Issuance of common stock Net cash provided by financing activities Net decrease in cash Cash balance, December 31, 2015 Cash balance, December 31, 2016 Statement of Cash Flows-Indirect Method Bonds ware retired during 2016 ot fece value, plant and equipment were acquired for cash, and common stock was issued for cash. Depreciation axpense for the your was 563,000 . Net income was reported at 545,600 . Required 1. Prepare o stotement of cash flows far 2016 using the indirect method in the Operating Activities section. Use the minus sign to indicatu cash payments, cash outflows, or decreases in cash. Chrisman Company Staternent of Cash Flows For the Year Ended December 31, 2016 Cash Fows from Operating Activities Net income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense Increase in accounts receivable Decrease in inventory Increase in prepaid rent v Increase in accounts payable Decrease in income taxes payable Net cash provided by operating activities = Cash Flows from investing Activities Acguisition of plant and equipment =V Cash Flows from Financing Activities Net cash provided by operating activities Cash Flows from Investing Activities Acquisition of plant and equipment V Cash Flows from Financing Activities Retirement of bonds payable v Issuance of short-term notes payable Issuance of common stock Net cash provided by financing activities Net decrease in cash Cash balance, December 31, 2015 Cash balance, December 31, 2016