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Statement of Cash Flow. The following is a comparative balance sheet for Shanahan Corp. for 2019. SHANAHAN CORP. Comparative Balance Sheet As of December 31

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Statement of Cash Flow. The following is a comparative balance sheet for Shanahan Corp. for 2019. SHANAHAN CORP. Comparative Balance Sheet As of December 31 2019 2018 Assets Cash $35,100 $37,700 Accounts receivable 80,600 71,500 Inventory 39,000 28,600 Prepaid rent 1,300 3,900 Machinery 780,000 728,000 Accumulated depreciation-machinery (156,000) (123,500) Total assets $780,000 $746,200 Liabilities and Stockholders' Equity Accounts payable $58,500 $45,500 Long-term debt 37,700 79,300 Common stock, $2 par 260,000 195,000 Additional paid in capital 338,000 338,000 Retained earnings 85,800 88,400 Total liabilities and stockholders' equity $780,000 $657,800 Notes: Cash dividends of $13,000 were paid during the year. Required Using the indirect method, prepare a statement of cash flows for 2019. Shanahan Corp. Statement of Cash Flows Year Ending December 31, 2019 Cash flow from operating activities: Net income* $ 35,100 x Adjustments for noncash items: Increase in depreciation 0 x Increase in accounts receivable 0 x Increase in inventory 0 X Decrease in prepaid rent 0 x Increase in accounts payable 0 x 0 x Cash provided by operations $ 0 x Cash flow from investing activities: Purchase of machinery 0 x Cash used for investing activities $ 0 x Cash flow from financing activities: Payments of long term note 0 x Issuance of common stock 0 X Payment of dividends 0 x Cash provided by financing activities $ 0 x Net decrease in cash 0 x Cash at beginning of year 0X Cash at end of year $ 0 x LA

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