The 2024 income statement and comparave balance sheet of Mcknight, inc: follow: (Click the icon to wew the income statement.) (B) (Click the icon to view the add tonal intormation) (Click the icon to view the comparative balance shem) Read the tequirements Requirement 1. Prepate the 2024 statement of cash flows, formating operating activites by the indiroct method. (Use a minus sign or parentheses for arrounts that mesull in a decrease the statement, leave the box empty, do not select a labet or enter a zero. Complete the statement one section at a tme, beginning with the cash fowws trom operating activities Complete the statement one section at a time, beginning with the cash flows from operating activities. McKnight, Inc. Statement of Cash Flows Year Ended December 31, 2024 Cash Flows from Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities: Net Cash Provided by (Used for) Operating Activities McKnight, Inc. Income Statement Year Ended December 31, 2024 Net Sales Revenue Cost of Goods Sold Gross Profit 231,800 Operating Expenses: \begin{tabular}{lr} Ivet sales reveriue & 45,000 \\ Cost of Goods Sold & 205,200 \\ \hline Gross Profit & 231,800 \end{tabular} Operating Expenses: McKnight, Inc. Comparative Balance Sheet December 31, 2024 and 2023 20242023 Assets Current Assets: Liabilities Current Liabilities: \begin{tabular}{lrrr} Land & 54,400 & 15,000 \\ Plant Assets & 120,340 & 113,480 \\ Accumulated Depreciation-Plant Assets & (22,440) & (19,780) \\ \hline Total Assets & $264,500 & $240,000 \\ \hline \hline \end{tabular} Liabilities Current Liabilities: Accounts Payable Accrued Liabilities 35,200$28,50030,30030,100 Long-term Liabilities: NotesPayableTotalLiabilities78,000141,700107,000167,400 Stockholders' Equity Common Stock, no par Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity