Problem 3-28 Statement of Cash Flows (LO1] Some recent financial statements for Smolira Golf Corp. follow. Assets 2017 2018 Current assets Cash Accounts receivable Inventory SMOLIRA GOLF CORP. 2017 and 2018 Balance Sheets Liabilities and Owners' Equity 2018 2017 Current liabilities $ 38,940 Accounts payable $ 38,802 28,846 Notes payable 20,208 43,112 Other 20,944 $ 35,585 18,401 3,970 $ 43,182 17,100 25,594 Total $ 57,956 $ 110,898 Total $ 79,954 $ 85,876 Long-term debt $ 121,000 $186,846 $ 56,200 $ 56,200 Owners' equity Common stock and paid-in surplus Accumulated retained earnings 266,387 303,409 Fixed assets Net plant and equipment $465,585 $521,433 Total $322,587 $359,609 Total assets $ 523,541 $632,331 Total liabilities and owners' equity $ 523,541 $ 632,331 SMOLIRA GOLF CORP. 2018 Income Statement Sales Cost of goods sold Depreciation $ 512,454 363,528 45,963 Earnings before interest and taxes Interest paid $ 102,963 20,883 Taxable income Taxes (22%) $ 82,080 18,058 Net income $ 64,022 Dividends Retained earnings $27,000 37,022 Prepare the 2018 statement of cash flows for Smolira Golf Corp. (Negative answers should be indicated by a minus sign.) SMOLIRA GOLF CORP. Statement of Cash Flows For 2018 Cash, beginning of the year Operating activities 24,076 Net cash from operating activities Investment activities Net cash from investment activities Financing activities Net cash from financing activities Cash, end of year