Statement of Cash Flows-Indirect Method The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 2048 and 2077, is as follows: Dec. 31, 2048 Dec. 31, 2047 Assets Cash $54,390 DOWN Accounts receivable (net) 83,580 Inventories 119,410 4,860 Prepaid expenses $66,450 89,580 111,030 3,360 198,920 (48,780) $420,560 Equipment Accumulated depreciation equipment 243,230 (63,240) $442,230 Total assets 11. $92,870 $87,900 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Mortgage note payable Common stock, $1 par Pald-in capital: Excess of issue price over par-common stock Retained earnings 0 14,000 204,000 131,360 $442,230 126,170 9,000 119,000 78,490 $420,560 Total liabilities and stockholders' equity Additional data obtained from the income statement and from an examination of the accounts in the ledger for 20Y8 are as follows: a. Net income, $135,350. b. Depreciation reported on the income statement, $30,970. C. Equipment was purchased at a cost of $60,820, and fully depreciated equipment costing $16,510 was discarded, with no salvage realized. d. The mortgage note payable was not due for six years, but the terms permitted earlier payment without penalty. e. 5,000 shares of common stock were issued at $18 for cash. f. Cash dividends declared and paid, $82,480. 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. Yellow Dog Enterprises Inc. Statement of Cash Flows For the Year Ended December 31, 20Y8 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 used for financing activities Cash at the beginning of the year Cash at the end of the year