Prepare the statement of cash flows for Ernest Corporation for the year. Ernest Corporation uses the indirect method for operating activities. Ernest Corporation Statement of Cash Flows (Indirect Method) For the Year Ended December 31 Operating Activities Net income $ 29,000 Adjustments to reconcile net income to cash basis 22,000 (6,000) (9,000) Depreciation expense Decrease in current liabilities Increase in current assets other than cash 7,000 36,000 Net cash provided by (used for) operating activities nvesting Activities: Net cash provided by (used for) investing activities Data Table Net income Payment of dividends Proceeds from issuance of stock. Purchase of treasury stock Sales revenue Payment of long-term note payable Decrease in current liabilities $ 51,000 $ 15,000 $ 22,000 $ 13,000 Purchase of equipment with cash 27,000 $ 17,000 Cost of goods sold 8,000 Other operating expenses 72,000 Depreciation expense $117,000 Proceeds from sale of land 17,000 Increase in current assets $ 6,000 other than cash term note payable $ 17,000 Increase in current a $ 9,000 Print Done