SUPPLEMENTAL PROBLEM 1-2 repare a direct method and an indirect method statement of cash flows using the information provided as follows. Assume only normal transactions occurred during the period and all accruals and deferrals are related to operating transactions. The following information is taken from the accounting worksheet for X-Ray Corporation: Account Balances 12/31/20X2 12/31/20X1 24,000 30,000 27,000 50,000 62,000 58,000 12,000 Cash Accounts receivable Inventories Equipment Land Accumulated depreciation Accounts payable Common stock Retained earnings Appropriation of retained earnings Sales Cost of goods sold Selling and administrative expense Depreciation Net income 25,000 (32,000) (30,000) (21,000) (21,000) (100,000) (100,000) (7,000) (17,000) (5,000) (100,000) 50,000 20,000 5,000 25,000 Additional Information A fully depreciated piece of equipment was discarded during the year. A cash dividend of $10,0o0 was paid and an appropriation of $5,000 was made against retained earnings. . SUPPLEMENTAL PROBLEM 1-3 s:/bookshelf vitalsource.com #books/978 1 1 1 95090 1 1/cN6/1014/2/1046/6/2/4/24/2/2@0:67.4