The comparative balance sheet of Connie]o Company, for December 31, Years 1 and 2 ended December 31 appears below in condensed form: Year 2 Year 1 Assets Cash $53,500 $45,000 $ 51,300 58,000 147,200 135,000 Accounts receivable (net) Inventories Investments Equipment Accumulated depreciation-equipment - 0 60,000 493,000 375,000 (113,700) (128,000) Total assets $622,800 $553,500 Liabilities and Stockholders' Equity $61,500 $42,600 0 100,000 Accounts payable Bonds payable, due Year 4 Common stock, $10 par , Paid-in capital in excess of par-common stock 200,000 250,000 75,000 50,000 Retained earnings 236,300 160,900 Total liabilities and stockholders' equity $622,800 $553,500 The income statement for the current year is as follows: Sales $629,700 Cost of goods sold 341,800 Gross profit $287,900 Operating expenses: Depreciation expense $ 24,700 75,300 Other operating expenses 100,000 Total operating expenses Income from operations $187,900 Other income: Gain on sale of investment $5,000 Other expense: 12,000 Interest expense Income before income tax (7,000) ) $180,900 64,100 Income tax Net income $116,800 Additional data for the current year are as follows: a. Fully depreciated equipment costing $39,000 was scrapped, no salvage, and equipment was purchased for $157,000. b. Bonds payable for $100,000 were retired by payment at their face amount. c. 5,000 shares of common stock were issued at $15 for cash. d. Cash dividends declared were paid $41,400. e. All sales are on account. Prepare a statement of cash flows, using the indirect method of reporting cash flows from operating activities. Use the minus sign to indicate cash outflows, cash payments, decreases in cash or any negative adjustments Statement of Cash Flows For the Year Ended December 31, Year 2 Cash flows from operating activities: Adjustments to reconcile net income to net cash flow from operating activities: Net cash flow from operating activities Cash flows from investing activities: $ Net cash flow used for investing activities Cash flows from financing activities: Net cash flow used for financing activities $ Cash at the beginning of the year Cash at the end of the year $