Task 1: Prepare a cash flow statement for XYZ Company using the indirect method. Complete a cash flow/statement of changes in financial position for XYZ Company for 2012, given the information below: XYZ Company Balance Sheet December 31, 2012 Assets 2012 2011 Cash $63,000 $22,000 Accounts Receivable 85,000 76,000 Inventories 180,000 189,000 Land 75,000 100,000 Equipment 260,000 200,000 Accumulated amortization (66,000) (42,000) Total $597,000 $545,000 Liabilities and equity Accounts payable 34,000 47,000 Bonds payable 150,000 200,000 Common shares 214,000 164,000 Retained earnings 199,000 134.000 Total $597,000 $545,000 Additional Information: Net income for 2012 was $125 000. Cash dividends of $600 000 were declared and paid. Bonds payable with a carrying value of $50 000 were redeemed for $50 000 cash. Common shares were issued for $50 000 cash. Land was sold at a gain of $5 000. Net sales for the year were $978 000. Instructions: Prepare a cash flow statement (statement of changes in financial position) for 2012, using the indirect method.