Statement of Cash Flows The comparative balance sheet of Harris Industries Inc. at December 31, 2014 and 2043, is as follows: Dec. 31, 2014 Dec. 31, 2013 Assets Cash $360,920 $443,240 665,280 592,200 Accounts receivable (net) Inventories 887,880 1,022,560 25,200 Prepaid expenses 31,640 Land 302,400 302,400 1,713,600 (466,200) 1,134,000 (414,540) Buildings Accumulated depreciation-buildings Machinery and equipment Accumulated depreciation-machinery and equipment Patents 781,200 781,200 (214,200) (191,520) 106,960 112,000 $3,724,420 Total assets $4,251,800 0 Liabilities and Stockholders' Equity Accounts payable $837,480 $927,080 Dividends payable 32,760 25,200 Salaries payable 78,960 87,080 Mortgage note payable, due in 10 years 224,000 Bonds payable 0 390,000 Common stock, $5 par 200,400 50,400 Excess of paid-in capital over par 366,000 126,000 Retained earnings 2,512,200 2,118,660 Total liabilities and stockholders' equity $4,251,800 $3,724,420 An examination of the income statement and the accounting records revealed the following additional information applicable to 2044: a. Net income, $524,580. b. Depreciation expense reported on the income statement: buildings, $51,660; machinery and equipment, $22,680. c. Patent amortization reported on the income statement, $5,040. d. A building was constructed for $579,600. e. A mortgage note for $224,000 was issued for cash. f. 30,000 shares of common stock were issued at $13 in exchange for the bonds payable. g. Cash dividends declared, $131,040. Required: Prepare a statement of cash flows, using the indirect method of presenting cash flows from (used for) operating activities. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. For the Year Ended December 31, 2074 Cash flows from (used for) operating activities: Net income Adjustments to reconcile net income to net cash flows from (used for) operating activities: Depreciation expense 524,580 -22,680 X Changes in current operating assets and liabilities: Net cash flows from operating activities Cash flows from (used for) investing activities: Net cash flows used for investing activities Cash flows from (used for) investing activities: Net cash flows from financing activities Cash balance, January 1, 2014 Cash balance, December 31, 2014 Schedule of Noncash Financing and Investing Activities