The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 20Y8 and 2017, is as Assets Cash Accounts receivable (net) Inventories Prepaid expenses Equipment Accumulated depreciation-equipment Total assets Dec. 31, 20Y8 Dec. 31, 20Y7 $76,650 $93,740 117,780 126,360 168,260 156,620 6,850 4,750 342,740 280,610 (89,110) (68,820) $623,170 $593,260 < Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $130,870 $123,990 Mortgage note payable 0 177,980 Common stock, $1 par 19,000 12,000 Paid-in capital in excess of par-common stock 300,000 167,000 Retained earnings 173,300 112,290 Total liabilities and stockholders' equity $623,170 $593,260 Additional data obtained from the income statement and from an examination of the accounts in the le a. Net income, $156,190. b. Depreciation reported on the income statement, $43,580.. c. Equipment was purchased at a cost of $85,420 and fully depreciated equipment costing $23,290 wa d. The mortgage note payable was not due for six years, but the terms permitted earlier payment with e. 7,000 shares of common stock were issued at $20 for cash, f. Cash dividends declared and paid, $95.180. Check My Work eBook Yellow Dog Enterprises Inc. Statement of Cash Flows For the Year Ended December 31, 20Y8 Cash flows from (used for) operating activities: Net income 156,190 Adjustments to reconcile net income to net cash flow from operating activities: Depreciation 43,580 Changes in current operating assets and liabilities: Decrease in accounts receivable Increase in inventories Increase in prepaid expenses Increase in accounts payable 8,580 -11,640 -2,100 6,880 1,720 X Net cash flow from operating activities Cash flows from (used for) investing activities: Cash paid for equipment -85,420 Net cash flow used for investing activities Cash flows from (used for) financing activities: Cash received from sale of common stock Cash paid for dividends -85,420 -95,180 -177,980 Cash paid to retire mortgage note payable Net cash flow used for financing activities Net decrease in cash Cash balance, January 1, 20Y8 Cash balance, December 31, 2018 Check My Work