Question 36 (5 points) Based on the information provided below for Krackle Corp., complete the following worksheet to be used to prepare the statement of cash flows using the indirect method. (a) Net income for the year was $30,000. (b) Dividends of $10,000 were declared and paid. (c) Krackle's only noncash expense was depreciation which totaled $50,000. (d) The company purchased plant assets for $70,000. (e) Notes payable in the amount of $40,000 were issued during the year for cash Krackle Corporation Spreadsheet for Statement of Cash Flows-Indirect Method For Year Ended December 31, 2015 Analysis of Changes Credit 12/31/15 12/31/14 Debit Balance Sheet-Debits 60,000 Cash 70,000 190,000 180,000 Accounts receivable 230,000 Merchandise inventory 200,000 570,000 500,000 Plant assets 950,000 1.050,000 Balance Sheet-Credits 150,000 100,000 Accumulated depreciation Balance Sheet-Credits 150,000 100,000 Accumulated depreciation Accounts payable 170,000 160,000 390,000 Notes payable Capital stock Retained earnings 350,000 200,000 200,000 130,000 150.000 1.050.000 950,000 Statement of Cash Flows Operating activities Net income Increase in accounts receivable Increase in merchandise inventory Decrease in accounts payable Depreciation expense Investing activities Cash paid to purchase plant assets Financing activities Cash paid for dividends Cash received from note payable