Question no. 1 Notorious Corporation's comparative balance sheets are presented below. 1 Cash Flow Statement Principles of Financial Accounting - || NOTORIOUS CORPORATION Comparative Balance Sheets December 31 2010 2009 Cash $ 14,300 $ 10,700 Accounts receivable 21,200 23,400 Land 20,000 26,000 Building 70,000 70,000 Accumulated depreciation (15,000) (10,000) Total $110,500 $120,100 Accounts payable $12,370 $31,100 Common stock 75,000 69,000 Retained earnings 23.130 20,000 $110,500 $120,100 Total Additional information: 1. Net income was $22,630. Dividends declared and paid were $19,500. 2. All other changes in rrent account balances had a direct effect on cash flows, except the change in accumulated depreciation. The land was sold for $4,900 at a loss of $1,100. Instructions: Prepare a statement of cash flows for 2010 using the indirect method