The comparative balance sheets for Kangaroo Corp. show the following information 2014 2013 S 55.800 56,000 $ 19,000 51,000 84,000 Accounts receivable Inventory Buildings 81.600 180,000 195,000 120,000 42,000 30,000 Patents 25,000 Total assets $413,400 $526,000 Allowance for doubtful accounts S 5,000 $ 4,500 46,000 Accumulated depreciation-buildings 20,000 74,000 45,000 76,000 6,000 10,000 50,000 68,000 Accounts payablo Dividends payable Notos payable, short-lorm Long-torm notes payable Common stock 12,000 260,000 50,000 Retained earnings 153,400-6+500 5350 0 Total iabilitios and stockholdors' o equity $413,400 $526,000 Additional Data related to 2014 is as follows Equipment that had cost $20,000 and was 60% depreciated at the time of disposal was sold for $2,000 $18,000 of the long term note payable was paid by issuing common stock. Cash dividends paid were $12,000 On 1/1/14, the building was completely destroyed by a hurricane. Insurance proceeds on the building were $245,000, net of taxes of $22,000 The investments were sold at $2,800 below cost. A long term note for $20,000 was issued for acquisition of the equipment. Cash was paid for the remaining balance 1. 2. 3. 8 4. 5. 6. Instructions Prepare a statement of cash flows under the indirect method in good format