Prepare the Statement of Cash Flow for Faraday Power Company using the indirect method. The condensed financial statements appear below: FARADAY POWER COMPANY Statement of Financial Position March 31 Assets 2020 Cash $ Accounts receivable 26,900 Inventory 129,300 Prepaid expenses 4,400 Property, plant, and equipment 221,700 Accumulated depreciation (105,900) $276,400 Liabilities and Shareholders' Equity Short-term bank debt $ 37,400 Accounts payable 36,200 Dividends payable 8,700 Long-term loan payable 46,000 Common shares 7,100 Retained earnings 141,000 $276,400 2019 $- 27,500 119,800 2,900 205,800 (94,600 ) $261,400 $33,300 36,800 8,100 48,700 7,100 127,400 $261,400 $ 344,800 211,300 133,500 FARADAY POWER COMPANY Statement of Income Year Ended March 31, 2020 Sales revenue Cost of goods sold Gross profit Wages expense $53,300 Administration expense 23,900 Depreciation expense 19,600 Repairs and maintenance expense 6,000 Net income from operations Interest expense 2,900 Loss on sale of equipment 4,100 Earnings before income tax Income tax expense Net income 102,800 30,700 7,000 23,700 $ 23,700 Additional information: 1. 2. Equipment originally costing $49,500 was sold during the year for $37,100. The company had proceeds from short term bank loan of $4,100. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis eg. (15,000).) FARADAY POWER COMPANY Statement of Cash Flows (Indirect Method) Year Ended March 31, 2020 Cash Flows from Operating Activities $ Adjustments to Reconcile Net Income to $ $