Preparing the Statement of Cash Flows Balance sheet information for Beckwith Products Company is presented below. 1. Net income for the year was $58,400. 2. Cash dividends of $18,800 were declared and paid during the year. 1. Net income for the year was $58,400. 2. Cash dividends of $18,800 were declared and paid during the year. 3. During the year, Beckwith issued $50,000 of notes payable and repaid $35,000 principal relating to notes payable. 4. Common stock was issued for $41,800 cash. 5. Depreciation expense was $20,650, and there were no disposals of equipment