Please solve the incorrect ones Prepare the statement of cash flows for the current year ended December $31,$ using the indirect method to present cash flows from operating activities.

Note: Include a negative sign $(-)$ for any amount that would be subtracted in the statement of cash flows.Indirect Method$$ Preparing a Statement of Cash Flows

Kidman Corp. reported the following financial statements.

$\backslash$table$[[$Balance Sheet, December $31,$Prior Year,Current Year,Difference$],[$Cash and cash equivalents,$$240,000,$$$620,000,$$$380,000],[$Accounts receivable,$190,000,150,000,(40,000)],[$Merchandise inventory,$310,000,590,000,280,000],[$Land$,200,000,40,000,(160,000)],[$Equipment$,480,000,720,000,240,000],[$Accumulated depreciation,$(120,000),(240,000),(120,000)],[$Total assets,$$1,300,000,$$$1,880,000,$$$580,000],[$Accounts payable,$$160,000,$$$180,000,$$$20,000],[$Notes payable, long$-$term,$70,000,20,000,(50,000)],[$Bonds payable,$-,300,000,300,000],[$Common stock $($no$-$par$),800,000,920,000,120,000],[$Retained earnings,$270,000,460,000,190,000],[$Total liabilities and stockholders' equity,$$1,300,000,$$$1,880,000,$$$580,000]]$

$\backslash$table$[[$Income Statement$],[$For the Current Year Ended December $31,],[$Revenues$,$$$1,520,000],[$Cost of goods sold,$820,000],[$Depreciation$,120,000],[$Other expenses,$140,000],[$Loss on sale of land,$100,000],[$Net income,$$340,000]]$