The comparative balance sheet of Whitman Co. at December 31, 2022 and 2041, is as follows: Dec. 31, 20Y2 Dec. 31, 2011 Assets Cash $ 627,030 $ 674,440 Accounts receivable (net) 570,600 520,430 Inventories 865,300 796,330 Prepaid expenses 20,060 23,830 Land 215,700 326,060 Buildings 996,980 614,490 Accumulated depreciation-buildings (282,160) (263,350) Equipment 351,140 310,380 Accumulated depreciation-equipment (96,560) (108,480) Total assets $3,268,090 $2,894,130 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $ 620,940 $ 655,250 Bonds payable 183,010 0 Common stock, $20 par 216,000 80,000 Paid-in capital: Excess of issue price over par-common stock 517,000 381,000 Retained earnings 1,731,140 1,777,880 Total liabilities and stockholders' equity $3,268,090 $2,894,130 The noncurrent asset, noncurrent liability, and stockholders' equity accounts for 2012 are as follows: ACCOUNT Land ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 20Y2 326,060 Jan. 1 Balance Apr. 20 Realized $102,600 cash from sale 110,360 215,700 ACCOUNT Buildings ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 2012 Jan. 1 Balance Apr. 20 Acquired for cash 614,490 996,980 382,490 ACCOUNT Accumulated Depreciation-Buildings ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 2012 Jan. 1 Balance 263,350 282,160 Dec. 31 Depreciation for year 18,810 ACCOUNT Equipment ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 20Y2 310,380 Jan. 1 Balance Jan. 26 Discarded, no salvage Aug. 11 Purchased for cash 34,100 276,280 351,140 74,860 ACCOUNT Accumulated Depreciation-Equipment ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 2012 Jan. 1 Balance Jan. 26 Equipment discarded Dec. 31 Depreciation for year 108,480 74,380 34,100 22,180 96,560 ACCOUNT Bonds Payable ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 2012 May 1 Issued 15-year bonds 183,010 183,010 ACCOUNT Common Stock, $20 par ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 20Y2 80,000 Jan. 1 Balance Dec. 7 Issued 6,800 shares of common stock for $40 per share 136,000 216,000 ACCOUNT NO. ACCOUNT Paid-in Capital in Excess of Par-Common Stock Balance Item Date Debit Debit Credit Debit Credit 2012 Jan. 1 Balance Dec. 7 Issued 6,800 shares of common stock for $40 per share 381,000 517,000 136,000 ACCOUNT NO. ACCOUNT Retained Earnings Balance Item Debit Credit Date Debit Credit 2012 1,777,880 Jan. 1 Balance 22,500 Dec. 31 Net loss 1,755,380 1,731,140 Dec. 31Cash dividends 24,240 Prepare a statement of cash flows, using the Indirect method of presenting cash flows from operating activities. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments. Whitman Co. Statement of Cash Flows For the Year Ended December 31, 2012 Cash flows from operating ng activities: Adjustments to reconcile net loss to net cashflow from operating activities: Changes in current operating assets and liabilities: b) vil II Net cash flow used for operating activities Cash flows from investing activities: Net cash now used for investing activities Cash flows from investing activities: 10 Net cash flow used for investing activities Cash flows from financing activities: Net cash flow from financing activities Cash at the beginning of the year Cash at the end of the year