Presented below is information related to the operations of Myers Corporation December 2010 2009 2010 Cash Accounts receivable Inventory Prepaid expenses Land Building Accumulated depreciation- building Equipment Accumulated depreciation- S 65,000 $ 40,000 Sales 55,000 48,000 Cost of goods sold 37,000 22,000 Gross 17,000 20,000 Depreciation ex 36,000 20,000 otheroperatingexpenses 41,000 $400,000 190,000 210,000 15,000 100,000 100,000 Income from operations 54,000 ss on equipment sale (17,000) (8,000) re income taxes 51,000 58,000 80,000 Income tax expense Net income equipment Total (17,000 (20,000) 334.000 $302000 Accounts payable Bonds payable Common stock Retained earnings S 45,000 39,000 0 100,000 200,000 100,000 89,00063,000 $334.000 $302.000 Total Additional information: (a) In 2010, Myers declared and paid a cash dividend of $9,000. (b) The company converted $100,000 of bonds into common stock. (c) Equipment with a cost of $22,000 and a book value of $13,000 was sold for $10,000. Land was acquired for cash. Prepaid expenses pertain to operating expenses; accounts payable pertains to merchandise purchases. (d) Instructions Solve either (a) or (b), but (a) Prepare a statement of cash flows in proper form for 2010, using the indirect method. (b) Prepare a statement of cash flows in proper form for 2010, using the direct method