PR 16-1A Statement of cash flows OBJ. 2, 3, 4, 5 The comparative balance sheet of Iglesias Inc. for December 31, 20Y3 and 20Y2, is shown as follows: Dec. 31, 20Y3 Dec. 31, 20Y2 Cash... Assets Accounts receivable (net).. Inventories... $ 186,000 540,000 $ 180,000 480,000 924,000 900,000 Investments.. Land.. 0 120,000 600,000 0 Equipment... 1,680,000 1,440,000 Accumulated depreciation-equipment.. (720,000) (600,000) Total assets... $3,210,000 $2,520,000 Liabilities and Stockholders' Equity Accounts payable... $ 408,000 $ 360,000 Accrued expenses payable.. 54,000 60,000 Dividends payable..... 36,000 30,000 Common stock, $4 par.. 840,000 720,000 Paid-in capital in excess of par.. 240,000 210,000 1,632,000 1,140,000 Retained earnings... Total liabilities and stockholders' equity... $3,210,000 $2,520,000 Additional data obtained from an examination of the accounts in the ledger for 20Y3 are as follows: a. The investments were sold for $210,000 cash. b. Equipment and land were acquired for cash. c. There were no disposals of equipment during the year. d. The common stock was issued for cash. e. There was a $600,000 credit to Retained Earnings for net income. f. There was a $108,000 debit to Retained Earnings for cash dividends declared. Instructions Prepare a statement of cash flows, using the indirect method of presenting cash flows from (used for) operating activities.