Statement of Cash Flows The following are Renco's Balance Sheets for 2008 and 2009 Beg Bal. End. Bal. Assets Cash and Cash Equivalents 40,000 89.900 Accounts Receivable 18.000 38.000 Inventory 46,000 12,000 Property. Plant & Equipment (net) 88.100 100.100 Total 192,100 240,000 Liabilities & Stockholder's Equity Accounts Payable 62,000 20.000 Interest Payable 6.100 8.000 Dividends Payable 1.900 2.800 Income Taxes Payable 8.100 13,700 Notes Payable 20.000 40,000 Capital Stock 48,000 88.000 Retained Earnings 46,000 67.500 Total 192,100 240,000 The following is a summary of transactions for 2009: Net income, $34,400. b. Interest expense accrued on Notes Payable, $8,000. c Equipment purchased by issuing Note Payable, S40,000 d Sale of Plant Assets for cash, S12,000. Book Value of the assets sold, S8,000. Issued additional shares of its Capital Stock for $40,000, f. Income tax expense, S17,600 Sales of merchandise on account , S208,000. Cost of merchandise sold, S120,000. h Other expenses paid in cash, $12,000. i Depreciation expense, $20,000 j. Collections of cash from customers, S188,000 k Repayment of Notes Payable, $20,000 1 Dividends declared, S12,900, Required: Prepare a Statement of Cash Flows using the following methods 1 The Direct Method, include a Supplementary Schedule of Net Cash Provided by Operating Activities and a Supplementary Schedule of Noncash Investing and Financing Activities. 2. The Indirect Method, include a Worksheet and Supplementary Schedule of Noncash Investing and Financing Activities. 1