Problem 12-10A Condensed financial data of Odgers Inc. follow. ODGERS INC. Comparative Balance Sheets December 31 Assets 2014 2013 Cash $ 148,672 $ 89,056 Accounts receivable 161,552 69,920 Inventory 207,000 189,244 Prepaid expenses 52,256 47,840 Long-term investments 253,920 200,560 Plant assets 524,400 446,200 Accumulated depreciation (92,000 ) (95,680 ) Total $1,255,800 $947,140 Liabilities and Stockholders Equity Accounts payable $ 187,680 $ 123,832 Accrued expenses payable 30,360 38,640 Bonds payable 202,400 268,640 Common stock 404,800 322,000 Retained earnings 430,560 194,028 Total $1,255,800 $947,140 ODGERS INC. Income Statement Data For the Year Ended December 31, 2014 Sales revenue $714,766 Less: Cost of goods sold $249,246 Operating expenses, excluding depreciation 22,834 Depreciation expense 85,560 Income taxes 50,195 Interest expense 8,703 Loss on disposal of plant assets 13,800 430,338 Net income $ 284,428 Additional information: 1. New plant assets costing $184,000 were purchased for cash during the year. 2. Old plant assets having an original cost of $105,800 and accumulated depreciation of $89,240 were sold for $2,760 cash. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of $47,896 was declared and paid during the year. Further analysis reveals that accounts payable pertain to merchandise creditors. Prepare a statement of cash flows for Odgers Inc. using the direct method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) ODGERS INC. Statement of Cash Flows For the Year Ended December 31, 2014 $ : $ $ SHOW SOLUTION LINK TO TEXT