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Homework: Ch 16 Homework A-Graded Score: 9.58 of 10 pts 5 of 6 (5 complete) HW Score: 74.27%, 39.36 SF16-8 (similar to) Assigned Media Question Help Stenback Media Corporation had the following income statement and balance sheet for 2024: (Click the icon to view the income statement.) : (Click the icon to view the balance sheet.) During the year Stenback issued a $5,200 note payable. Stenback acquired equipment worth $21,000, and made payments on the long-term notes payable in the amount of $9,200 during the year. Assume the company paid cash for the acquisition of plant assets. Prepare Stenback Media's statement of cash flowsindirect methodfor the year ended December 31, 2024. Data Table x Net Income 12,UUU Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Stenback Media Corporation Depreciation Expense $ 12,000 Comparative Balance Sheet Increase in Accounts Receivable (2.000) December 31, 2024 and 2023 Increase in Accounts Payable 6,000 - X Data Table Assets 2024 2023 16,000 Current Assets Cash $ 4,800 $ 4,500 Net Cash Provided by (Used for) Operating Activities 28,000 Stenback Media Corporation 10.100 Accounts Receivable Income Statement 8,100 Cash Flows from Investing Activities: Acquisition of Equipment (21,000) Year Ended December 31, 2024 Long-term Assets: Plants Assets 75,000 101,350 $ Sales Revenue 80,350 (27,350) (15,350) Depreciation ExpensePlant Assets 12,000 Accumulated DepreciationPlant Assets 51,000 $ 88,900 $ 77,600 Other Expenses Total Assets Net Cash Provided by (Used for) Investing Activities (21,000) $ 12,000 Net Income Liabilities Cash Flows from Financing Activities: Payment of Cash Dividends (13,700) Current Liabilities: Print Done Payment of Note Payable (9,200) Accounts Payable $ 9,500 $ 3,500 Cash Receipt from Issuance of Note Payable 5,200 Long-term Liabilities: Cash Receipt from Issuance of Common Stock 11,000 10,000 Notes Payable 14,000 Net Cash Provided by (Used for) Financing Activities (6,700) Total Liabilities 19,500 17,500 Net Increase (Decrease) in Cash 300 Stockholders' Equity 4,500 Cash Balance, December 31, 2023 Common Stock, no par 28,000 17,000 $ 4,800 Cash Balance, December 31, 2024 Retained Earnings 41,400 43,100 69,400 60,100 Total Stockholders' Equity This question is complete. Move your cursor over or tap on the red arrows to see incorrect answers. $ 88,900 $ 77,600 Total Liabilities and Stockholders' Equity