Problem 11-54A Classification of Cash Flows Rolling Meadows Country Club Inc. is a privately owned corporation that operates a golf club. Rolling Meadows reported the following inflows and outflows of cash during 2019: $125,800 7,175 23,300 12,600 13,210 7,400 2,125 Net income Decrease in accounts recevable Increase in pro shop inventory Increase in prepaid insurance Increase in accounts payable Decrease in wages payable Increase in income taxes payable Cash paid for new golf carts Cash received from sale of used golf carts Depreciation expense (buildings) Depreciation expense (golf carts) Proceeds from Issuance of note payable Payment on mortgage payable Cash received from Issuance of common stock 85,000 G 12,700 35,100 21.250 60,000 42,000 41,375 eBook Depreciation expense (golf carts) 21,250 Proceeds from Issuance of note payable 60,000 Payment on mortgage payable 42,000 Cash received from issuance of common stock 41,375 Payment of cash dividends 40,000 Rolling Meadows had cash on hand at 1/1/2019 of 88,500 Required: Prepare a properly formatted statement of cash flows using the Indirect method. Use a minus sign to indicate any decreases in cash or cash outflows Rolling Meadows Country Club Inc. Statement of Cash Flows For the year ended December 31, 2019 Cash flows from operating activities: Net income 125.800 Adjustments to reconcile net income to net cash flow from operating activities: Depreciation expense, buildings 35.100 Depreciation expense, golf carts 21.250 Decrease in accounts receivable 7.175