The following are comparative balance sheets for Martinez Company. Additional information: 1. Net income for 2025 was $241,800. 2. Depreciation expense was $88,400. 3. Cash dividends of $101,400 were declared and paid. 4. Bonds payabte with a carrying value of $130,000 were redeemed for $130,000 cash. 5. Common stock was issued at par for $109,200 cash. 6. No cquipment was sold during 2025. 7. Land was sold for its book value. MARTINEZ COMPANY Statement of Cash Flows - Indirect Method For the Year Ended December 31, 2025 Cash Flows from Operating Activities Net Income $ 241800 Adjustments to reconcile net income to Cash Flows from Operating Activities Depreciation Experse $88400 Increase in Accounts Receivabic. Decrease in Imentory Decrease in Accounts Payable Net Cash Used by Operating Activities Cash Flows from Investing Activities Sale of Land Purchase of Equipment Net Cash Used by Investing Activities 02 Cash Flows from Financing Activities Redemption of Bonds Issuance of Common Stock Payment of Cash Dividends Net Cash Used by Financing Activities Net Increase in Cash Cashat Beginning of Period