Problem 12-7B Prepare a Statement of Cash Flows [L012-1, LO12-2] A comparative balance sheet and income statement for Groton Company follow Groton Company Comparative Balance Sheet December 31, 2011 and 2010 2011 2010 Assets Cash Accounts receivable Inventory Prepaid expenses $ 1 S 12 306 229 158 196 Total current assets 473 443 Property, plant, and equipment 509 430 (85) (71) Net property, plant, and equipment 424 359 Long-term investments 25 32 Total assets $ 922 $ 834 Liabilities and Stockholders' equity Accounts payable Accrued liabilities Income taxes payable $ 301 $225 70 80 72 63 Total current liabilities Bonds payable 443 198 368 172 Total liabilities 641 540 Common stock Retained earnings 163 202 118 92 Total stockholders' equity 281 294 Total liabilities and stockholders' equity S 922 $834 Groton Company Income Statement For the Year Ended December 31, 2011 Sales Cost of goods sold $ 754 448 Gross margin Selling and administrative expenses 306 Net operating income Non operating items: 84 s 6 Gain on sale of investments Loss on sale of equipment (2) 4 Income before taxes Income taxes 23 Net income 65 During 2011, Groton sold some equipment for $19 that had cost $31 and on which there was accumulated depreciation of $10. In addition, the company sold long-term investments for $13 that had cost $7 when purchased several years ago. A cash dividend was paid during 2011 and the company repurchased $39 of its own stock. Groton did not retire any bonds during 2011. Required 1. Using the indirect method, determine the net cash provided by (used in) operating activities for 2011 (Negative amount should be entered with a minus sign.) Net cash