Prior Year MONTGOMERY INC. Comparative Balance Sheets December 31 Current Year Assets Cash $ 54,100 Accounts receivable, net 13,400 Inventory 12e, 100 Total current assets 187,600 Equipment 66,5ee Accum. depreciation Equipment (30, 100) Total assets $224,000 Liabilities and Equity Accounts payable $ 32,000 Salaries payable 600 Total current liabilities 32,600 Equity Common stock, no par value 159,800 Retained earnings 31,680 Total liabilities and equity $224,000 $ 54,200 16,400 94,8ee 165, 400 56,100 (20,700 $200,800 $ 34, 488 800 35,200 148, 288 17,480 $200,800 MONTGOMERY INC. MONTGOMERY INC Income Statement For Current Year Ended December 31 Sales $ 60,900 Cost of goods sold (25,300) Gross profit 35,600 Operating expenses Depreciation expense $9.400 Other expenses 7,500 Total operating expense 16.900 Income before taxes 18,700 Income tax expense 4.5ee Net income $ 14,200 Additional Information on Current-Year Transactions a. No dividends are declared or paid. b. Issued additional stock for $11,600 cash c. Purchased equipment for cash; no equipment was sold 1. Use the above information to prepare a statement of cash flows for the current year using the Indirect method (Amounts to be deducted should be indicated by a minus sian.) Statement or UUSI TIUWS funct mieulou) For Current Year Ended December 31 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operations: Income statement items not affecting cash Changes in current operating assets and liabilities Cash flows from investing activities