Statement of Cash Flows (Indirect Method) Use the following information regarding the Lund Corporation to (a) prepare a statement of cash flows using the indirect method and (b) compute Lund's operating-cash-flow-to-current-liabilities ratio. Accounts payable increase $17,100 Accounts receivable increase 7,600 Accrued liabilities decrease 5,700 Amortization expense 11,400 Cash balance, January 1 41,800 Cash balance, December 31 28,500 Cash paid as dividends 55,100 Cash paid to purchase land 171,000 Cash paid to retire bonds payable at par 114,000 Cash received from issuance of common stock 66,500 Cash received from sale of equipment 32,300 55,100 Depreciation expense Gain on sale of equipment 7,600 Inventory decrease 24,700 Net income 144,400 3,800 Prepaid expenses increase Average current liabilities 190,000 a. Use negative signs with cash outflow answers. LUND CORPORATION Statement of Cash Flows For Year Ended December 31 Cash Flow from Operating Activities Net Income $ Add (deduct) items to convert net income to cash basis Depreciation Amortization Gain on Sale of Equipment Accounts Receivable Increase Inventory Decrease Prepaid Expenses Increase Accounts Payable Increase Accrued Liabilities Decrease Cash Flow Provided by Operating Activities Cash Flow from Investing Activities Sale of Equipment Purchase of Land Cash Used by Investing Activities Cash Flow from Financing Activities Issuance of Common Stock Retirement of Bonds Payable Payment of Dividends Cash Used by Financing Activities Net Decrease in Cash Cash at Beginning of Year Cash at End of Year $ b. Operating-cash-flow-to-current-liabilities ratio (Round answers to two decimal places.)