Statement of Cash FlowsIndirect Method The comparative balance sheet of Whitman Co. at December 31, 20Y2 and 20Y1, is as follows: Dec. 31, 20Y2 Dec. 31, 20Y1 Assets Cash $ 809,500 $ 869,830 Accounts receivable (net) 736,650 671,890 Inventories 1,117,110 1,028,070 Prepaid expenses 25,900 30,760 Land 278,470 420,940 Buildings 1,287,110 793,310 Accumulated depreciation-buildings (364,280) (339,990) Equipment 453,320 400,700 Accumulated depreciation-equipment (124,660) (140,040) Total assets $4,219,120 $3,735,470 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $ 801,630 $ 845,930 Bonds payable 236,270 0 Common stock, $20 par 279,000 103,000 Paid-in capital: Excess of issue price over par-common stock 668,000 492,000 Retained earnings 2,234,220 2,294,540 Total liabilities and stockholders equity $4,219,120 $3,735,470 The noncurrent asset, noncurrent liability, and stockholders' equity accounts for 20Y2 are as follows: ACCOUNT Land ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 20Y2 Jan. 1 Balance 420,940 Apr. 20 Realized $132,500 cash from sale 142,470 278,470 ACCOUNT Buildings ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 20Y2 Jan. 1 Balance 793,310 Apr. 20 Acquired for cash 493,800 1,287,110 ACCOUNT Accumulated Depreciation-Buildings ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 20Y2 Jan. 1 Balance 339,990 Dec. 31 Depreciation for year 24,290 364,280 ACCOUNT Equipment ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 20Y2 Jan. 1 Balance 400,700 Jan. 26 Discarded, no salvage 44,100 356,600 Aug. 11 Purchased for cash 96,720 453,320 ACCOUNT Accumulated Depreciation-Equipment ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 20Y2 Jan. 1 Balance 140,040 Jan. 26 Equipment discarded 44,100 95,940 Dec. 31 Depreciation for year 28,720 124,660 ACCOUNT Bonds Payable ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 20Y2 May 1 Issued 10-year bonds 236,270 236,270 ACCOUNT Common Stock, $20 par ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 20Y2 Jan. 1 Balance 103,000 Dec. 7 Issued 8,800 shares of common stock for $40 per share 176,000 279,000 ACCOUNT Paid-in Capital in Excess of Par-Common Stock ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 20Y2 Jan. 1 Balance 492,000 Dec. 7 Issued 8,800 shares of common stock for $40 per share 176,000 668,000 ACCOUNT Retained Earnings ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 20Y2 Jan. 1 Balance 2,294,540 Dec. 31 Net loss 29,040 2,265,500 Dec. 31 Cash dividends 31,280 2,234,220 Required: Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Whitman Co. Statement of Cash Flows For the Year Ended December 31, 20Y2 Cash flows from operating activities: $ Adjustments to reconcile net loss to net cash flow from operating activities: Changes in current operating assets and liabilities: Net cash flow used for operating activities $ Cash flows from (used for) investing activities: $ Net cash flow used for investing activities Cash flows from (used for) financing activities: $ Net cash flow from financing activities $ Cash at the beginning of the year Cash at the end of the year $