Problem 13-9A Condensed financial data of Cheng Inc. follow CHENG INC Comparative Balance Sheets December 31 2015 $89,140 92,810 112,300 28,770 137,480 270,000 2014 $48,160 32,340 101,820 25,410 114,240 241,350 ssets Cash Accounts receivable Inventory Prepaid expenses Investments Equipment Accumulated depreciation-equipment (49,840) (51,300) $680,660 $512,020 Total Liabilities and Stockholders' Equit Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings $111,290 16,220 110,030 219,780 223,340 $680,660 $67,680 17,010 149,360 174,860 103,110 $512,020 Total CHENG INC. For the Year Ended December 31, 2015 Sales $391,190 Less 134,260 en/shared/assignment/test/aglist.uni?id; asn mt1 404 648#N 10049 Cost of goods sold Operating expenses, excluding depreciation Depreciation expense Income tax expense Interest expense Loss on disposal of plant asstets 11,230 47,810 26,040 4,080 6,680 2301m Net income Additional information: 1. New Equipment costing $85,850 were purchased for cash during the year 2. Old Equipment having an original cost of $57,200 was sold for $1,250 cash 3. Bonds matured and were paid off at face value for cash . A cash dividend of $40,860 was declared and paid during the year Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g (15,000). CHENG INC. Statement of Cash Flows For the Year Ended December 31, 2015 Adjustments to reconcile net income to