Q1: Following is the financial information of Jhutti Company: JHUTTI COMPANY Comparative Balance Sheets December 31 Assets 2012 Cash $ 92,700 Accounts receivable 90,800 Inventory 121,900 Investments 84,500 Equipment 250,000 Accumulated depreciation--buildings (49,500) $590,400 Liabilities and Stockholders' Equity Accounts payable $ 57,700 Accrued expenses payable 12,100 Bonds payable 100,000 Common stock 250,000 Retained earnings 170,600 $590,400 2011 $ 47,250 57,000 102,650 87,000 205,000 (40,000) 5458,900 $ 48,280 18,830 70,000 200,000 121,790 5458.900 JHUTTI COMPANY Income Statement For the Year Ended December 31, 2012 Sales revenue Gain on sale of equipment $297,500 8,750 306,250 $99,460 Les Cost of goods sold Operating expenses (excluding depreciation expense) Depreciation expense Income taxes Interest expense Net income 14,670 49,700 7.270 2.940 174,040 S132,210 Additional information: 1. Equipment conting $92,000 was purchased for cash during the ycar. 2. Investments were sold at cost. 3. Equipment costing 547,000 was sold for $15,550, resulting in gain of $8,750. 4. A cash dividend of $83,400 was declared and paid during the year. Required: Prepare Statement of Cash flows using indirect method