Statement of Cash FlowsIndirect Method The comparative balance sheet of Mavenir Technologies Inc. for December 31, 2016 and 2015, is shown as follows: Dec. 31, 2016 Dec. 31, 2015 Assets Cash $222,890 $205,660 Accounts receivable (net) 80,740 73,870 Inventories 227,940 218,700 Investments 0 84,730 Land 116,910 0 Equipment 251,480 193,350 Accumulated depreciationequipment (58,880) (52,140) Total $841,080 $724,170 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $152,240 $142,660 Accrued expenses payable (operating expenses) 15,140 18,830 Dividends payable 8,410 6,520 Common stock, $10 par 45,420 35,480 Paid-in capital: Excess of issue price over par-common stock 170,740 98,490 Retained earnings 449,130 422,190 Total $841,080 $724,170 The following additional information was taken from the records: The investments were sold for $99,130 cash. Equipment and land were acquired for cash. There were no disposals of equipment during the year. The common stock was issued for cash. There was a $60,980 credit to Retained Earnings for net income. There was a $34,040 debit to Retained Earnings for cash dividends declared. 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 out flows, cash payments, decreases in cash, or any negative adjustments. Mavenir Technologies Inc. Statement of Cash Flows For the Year Ended December 31, 2016 Cash flows from operating activities: $ Adjustments to reconcile net income to net cash flow from operating activities: Changes in current operating assets and liabilities: Net cash flow from operating activities $ Cash flows from investing activities: $ $ Net cash flow used for investing activities Cash flows from financing activities: $ Net cash flow from financing activities $ Cash at beginning of the year Cash at end of the year $ 10. Ex.14-22.Algo.Guided Cash Flows from Operating ActivitiesDirect Method The income statement of Kodiak Industries Inc. for the current year ended June 30 is as follows: Sales $557,530 Cost of merchandise sold 316,570 Gross profit $240,960 Operating expenses: Depreciation expense $42,780 Other operating expenses 113,100 Total operating expenses 155,880 Income before income tax $85,080 Income tax expense 23,610 Net income $61,470 Changes in the balances of selected accounts from the beginning to the end of the current year are as follows: Increase/ Decrease* Accounts receivable (net) $12,360* Inventories 4,300 Prepaid expenses 4,120* Accounts payable (merchandise creditors) 8,790* Accrued expenses payable (operating expenses) 1,230 Income tax payable 2,950* a. Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the direct method. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments.