Suppose the income statement for Goggle Company reports $111 of net income, after deducting depreciation of $31. The company bought equipment costing $80 and obtained a long-term bank loan for $86. The company's comparative balance sheet, at December 31 is presented here Required: 1. Calculate the change in each balance sheet account and indicate whether each account relates to operating, investing, and/or financing activities (+ for increase and - for decrease) 2. Prepare a statement of cash flows using the indirect method. 6. Are the cash flows typical of a start-up, healthy, or troubled company? Required 1 Required 2 Required 6 Prepare a statement of cash flows using the Indirect method. (Amounts to be deducted should be indicated with a minus sign.) GOGGLE COMPANY Statement of Cash Flows For the Year Ended December 31 Cash Flows from Operating Activities: Net Income Adjustments to Reconcile Net Income to Not Cash Provided by Operating Activities: Depreciation $ $ 111 31 Changes in Current Assets and Current Liabilities Increase in Accounts Receivable Decrease in Inventory Increase in Salaries and Wages Payable (104) 141 44 223 Net Cash Provided by Operating Activities Cash Flows from Investing Activities: Equipment Purchased (80) (80) Net Cash Used in Investing Activities Cash Flows from Financing Activities: 0 Obtained Bank Loan 86 86 Net Increase in Cash Cash, Beginning of Current Year Cash, End of Current Year $ 0