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PII3 (Algo) Preparing a Statement of Cash Flows (Indirect Method) L0112, 117 The comparative statements of financial position of Mikos Inc. as of December 31, 2023 and 2024 and its statement of earnings for the year ended December 31, 2024 are presented below: MIKOS INC. Comparative Statements of Financial Position $ 1,5 7, 5 75, 5 41 , 5 286, 186,5 $581, $435, 5 $ 18,5 125, 18, 23, 187, 5 142, s $581, 5 December 31 Assets Cash Short-term investments Accounts receivable Inventories, at cost Prepaid expenses Land Property, plant, and equipment, net Intangible assets Liabilities and Shareholders' Equity Accounts payable Income tax payable Accrued liabilities Long-term notes payable Share capital Retained earnings For the Sales Cost Of sales Operating expenses Amortization expenseintangible 2024 57, 5, 5 51, 25 500 9, 11, 5 224 MIKOS INC. Statement of Earnings Year Ended December 31, assets equipment 223 18,5 39 , 5 32, 9, 77 , 5 31, $ 43, 2, 5 67, s $435,5 $445 , 236, 5,500 34, s 13 Depreciation expenseproperty, plant, and Interest expense Earnings before income taxes Income tax expense Net earnings Additional information is as follows: $895, 734 s 160, 5 48,15 $112 35 a. Land was sold for cash at its carrying amount. b Mikos sells its short-term investments within three months of purchasing them. c. Cash dividends were declared and paid in 2024. d New equipment with a cost of $167,500 was purchased for cash, and old equipment was sold at its carrying amount. e. Long-term notes of $17,500 were paid in cash, and notes of $37,500 were converted to shares. Required: 1. Prepare a statement of cash flows for Mlkos Inc. for the year ended December 31, 2024 by using the Indlrect method. (Negatlve answers should be Indicated by a mlnus sign.) MIKOS INC. Statement of Cash Flows For the Year Ended December 31, 2024 Cash flows from operating activities: Net eamings Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization expense Decrease in accounts payable Increase in inventories Decrease in prepaid expenses Increase in income tax payable Increase in accrued liabilities Increase in accounts receivable Net cash flows from operating activities Cash flows from investing activities: Purchase of equipment Sale of land Sale of equipment Net cash flows used for investing activities Cash flows from financing activities: Repayment of long-term note Payment of cash dividends Repayment of long-term note Net cash flows from financing activities et increase in cash and short-term investments Cash and short-term investments, beginning of year Cash and short-term investments, end of year s s s 112,350 112,350 112,350 112,350