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 2019 Cash $- $- Accounts receivable 26,900 27,500 Inventory 128,700 118,400 Prepaid expenses 4,500 2,700 Property, plant, and equipment 225,400 207,600 Accumulated depreciation (104,700) (94,800) $280,800 $261,400 Liabilities and Shareholders' Equity Short-term bank debt $36,600 $32,900 Accounts payable 35,700 36,300 Dividends payable 8,700 8,100 Long-term loan payable 46,700 49,400 Common shares 7,000 7,000 Retained earnings 146,100 127,700 $280,800 $261,400 FARADAY POWER COMPANY Statement of Income Year Ended March 31, 2020 Sales revenue $346,000 Cost of goods sold 211,400 Gross profit 134,600 Wages expense $53,500 Administration expense 24,000 Depreciation expense 19,800 Repairs and maintenance expense 6,000 103,300 Net income from operations 31,300 Interest expense 2,900 Loss on sale of equipment 4,700 7,600 Earnings before income tax 23,700 Income tax expense Net income $23,700 Additional information: 1 2. Equipment originally costing $49,900 was sold during the year for $35,300. The company had proceeds from short term bank loan of $3,700. (Show amounts that decrease cash flow with either a-sign eg.-15,000 or in parenthesis eg. (15,000).) FARADAY POWER COMPANY Statement of Cash Flows (Indirect Method) Year Ended March 31, 2020 Adjustments to Reconcile Net Income to > $ >>>>