Problem 12-6B Indirect: Statement of cash flows P2 P3 Satu Company's current-year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit. (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. At December 31 SATU COMPANY Comparative Balance Sheets Current Year Prior Year Assets Cash $ 58,750 $ 28,400 Accounts receivable 20,222 25,860 Inventory 165,067 140,320 Total current assets 244,039 194,580 Equipment 107.750 77,500 Accum. depreciation-Equipment (46,700) (31,000) Equipment Accum, depreciation-Equipment Total assets Llabilities and Equity Accounts payable 107,750 77,500 (46,700) (31,000) $305,689 $241,080 Income taxes payable Total current liabilities $ 20,372 $157,530 2,100 6,100 22,472 163,630 Equity Common stock, $5 par value 40,000 25,000 Paid-in capital in excess of par, common stock 68,000) 20,000 Retained earnings 175.217 32,450 Total liabilities and equity $305,689 $241,080 SATU COMPANY Income Statement For Current Year Ended December 31 For Current Year Ended December 31 Sales $750,800 Cost of goods sold 269,200 Gross profit 481,600 Operating expenses (excluding depreciation) 173,933 Depreciation expense 15,700 Income before taxes 291,967 Income taxes expense. Net income 89,200 $202,767 Additional Information on Current-Year Transactions. a. Purchased equipment for $30,250 cash. b. Issued 3,000 shares of common stock for $21 cash per share. c. Declared and paid $60,000 of cash dividends. Additional Information on Current-Year Transactions a. Purchased equipment for $30,250 cash.. b. Issued 3,000 shares of common stock for $21 cash per share. c. Declared and paid $60,000 of cash dividends. Required Prepare a complete statement of cash flows using the indirect method for the current year. Check Cash from operating activities, $57.600