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Masterson Exarcise Equipment, Inc, reported the following financial statements for 2024: Prepare the compary's statement of cash flows-indirect method-for the year ended (Click the icon to view the income statement.) December 31, 2024. Assume invostments are purchased with cash. (Use a minus sign or parentheses for amounts that result in a decrease in cash. If a box is not used in (Click the icon to view the comparative balance sheet.) the statement, leave the bax empty; do not select a label or emer a zero.) (Click the icon lo view addifional information.) Complete the stasement coe section at a time, beginning with the cash flows from operating acfivities. Masterson calculated the following amounts for 2024 : - Acquisition value of plant assets, $90,000. - Payment of dividends, $51,500. - Payment of long-term notes payable, $8,000. - Cash receipt from issuance of common stock, $16,000. Masterson Exercise disposed of plant assets at book value. The cost and accumulated depreciation of the disposed asset was $43,500. No cash was received upon disposal. Masterson Exercise Equipment, Inc. Income Statement Year Ended December 31, 2024 Net Sales Revenue Cost of Goods Sold Gross Profit 368,000 Operating Expenses: \begin{tabular}{|lrr|} \hline Depreciation Expense & $ & 50,000 \\ \hline Other Operating Expenses & 205,000 & \\ \cline { 2 - 3 } Total Operating Expenses & $255,000 \\ \hline Net Income & $113,000 \\ \hline \hline \end{tabular} Masterson Exercise Equipment, Inc. Comparative Balance Sheet December 31, 2024 and 2023 2024 Assets Current Assets: Liabilities Current Liabilities: Accounts Payable Salaries Payable 1,0005,500 Long-term Liabilities: 60,00068,000 \begin{tabular}{|crr|} \hline Accounts Receivable & 51,000 & 48,000 \\ \hline Merchandise Inventory & 84,000 & 85,000 \\ \hline Long-term Assets: & & \\ \hline Plant Assets & 266,100 & 219,600 \\ \hline Accumulated Depreciation-Plant Assets & (40,100) & (33,600) \\ \hline Investments & 98,000 & 75,000 \\ \hline Total Assets & 481,000 & $413,000 \\ \hline \hline \end{tabular} Liabilities Current Liabilities: Accounts Payable Salaries Payable $6,000$1,00073,0005,500 Long-term Liabilities