Statement of Cash Flows-Indirect Method The comparative balance sheet, of Yellow Dog Enterprises Inc. at December 31, 20Y8 and 20Y7, is as follows: Dec. 31, 20Y8 Dec. 31, 20Y7 Assets Cash Accounts receivable (net) Merchandise inventory Prepaid expenses Equipment Accumulated depreciation-equipment $87,740 $107,750 134,830 145,260 192,610 180,040 5,460 392,350 322,580 (102,010) (79,110) $713,370 $681,980 7,850 Total assets Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Mortgage note payable Common stock, $1 par $149,810 $142,530 0 204,590 22,000 14,000 Common stock, $1 par Paid-in capital: Excess of issue price over par-common stock Retained earnings 22,000 14,000 312,000 192,000 229,560 128,860 $713,370 $681,980 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, $257,790 b. Depreciation reported on the income statement, $49,670. c. Equipment was purchased at a cost of $96,540, and fully depreciated equipment costing $26,770 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. 8,000 shares of common stock were issued at $16 for cash. f. Cash dividends declared and paid, $157,090. Required: Prepare a statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Yellow Dog Enterprises Inc. Statement of Cash Flows For the Year Ended December 31, 20Y8 l Ended December 31, 20Y8 Cash flows from operating activities: Adjustments to reconaile 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 (used for) investing activities: Net cash flow used for investing activities Cash flows from (used for) financing activities: Net cash flow used for investing activities Cash flows from (used for) financing activities: Net cash flow used for financing activities Cash at the beginning of the year Cash at the end of the year