Support - My Subscriptions Preparing a Statement of Cash Flows (Indirect Method) The following financial statements were issued by Hoskins Corporation for the fiscal year ended December 21, 2018 All amounts are in millions of u.5. dollar Balance Sheets December 31, 2017 December 31, 2018 Cash courbevable inventory 5300 000 400 40X 1.700 5,200 $550 1.500 300 750 2,700 6.100 117501 4953 57.000 Coon 4100 55 800 5400 200 Current Assets Pretplant and Eument at Cost Accumulated Depreciation Property Flant and Equipment et Total Assets Labilities and Shareholders' Equity Aunts Payable Income Taxat Short Term Debt Currenties Long Term Date Tutal Liabilities Contributed Tetained Emme Total Sharhiderr Futy Total Labtec and Shareholders Equity 1.800 1,000 20a 1300 2.200 3,000 35.000 5000 100 2700 3.000 o 3600 830 2.650 1450 57.00 Income Statement Sales Revenues Cost of Gross Profit Scing, General and Administre Exams Deprecation Expert Olame Fiscal year 2018 1650 3.400 1100 1450 SSD 100 150 income renome Taxe Income Tax Exem Nincome 5700 Additional information 1. During fiscal year 2018, Hoskins Corporation acquired new equipment for $1,200 in cash. In addition, the company disposed of used equipment that had orginal cost of $1,300 and accumulated depreciation of $700, receiving S600 in cash from the buy 2. Dario fiscal year 2018. Hoskins Corporation ananged short-term bank financing and borrowed $1.500, using a portion of the cash to repay all of its outstandine long term delt 2. During fiscal year 2018, Hoskins Corporation engaged in no transactions involving its common stock, though it did declare and pay in cash a common stock dividend of $250 Ravidan Prepare a statement of cash flows (all three sections) for Hoskins Corporation's fiscal year 2018, using the indirect method for the cash from operations section Note: Use a negative sign with your answer to indicate a reduction in cash cash outflow. HOSKINS CORPORATION STATEMENT OF CASH FLOWS FOR YEAR ENDED DECEMBER 31, 2018 Cash flows from Operations 700 Adjustments 350 Change in accounts receivable (900) Change in inventory (100) Change in prepaid expenses 0 Change in accounts payable 0 0 Cash Flows from Operating Activities Cash Flows from investing . Proceeds from disposal of equipment Cash Flows from investing Activities Cash Flows from Financing . 0 Ooo Q Increase in short term debt Decrease in long term debt Cash Flows from Financing Activities Net change in tash Oooo 0 $ 0 Ending cash bilance