The following information is taken from the accounting records of the Gilford Corporation. Cash Accounts Receivable (Net) Merchandise Inventory Prepaid Expenses plant and Equipment Accumulated Depreciation Dec. 31, 20x4 $ 96,250 103,000 92,500 13,500 335,000 (56,000) $584,250 $ 21,800 50,750 12,500 17,000 115,000 277,500 90,500 $584,250 Dec. 31, 20x3 $ 87,750 82,250 85,250 8,800 265,000 (41,250) $487,000 $ 25,500 44,500 10,250 11,250 97,500 225,000 73,000 $487,000 Notes Payable Accounts Payable Payroll Taxes Payable Estimated Income Taxes Payable 8% Bonds Payable 2024 Common Stock Retained Earnings Additional information: (a) Plant construction costing $45,000 in cash was completed. (b) Equipment was purchased for $25,000 in cash. (c) Common stock was sold for $52,500 in cash. (d) Bonds were issued for $17,500 in cash. (0) Common stock dividends of $22,500 were paid in cash. (f) Net Income after income taxes was $40,000. Use this information to prepare Gilford's statement of cash flows for the year ended December 31, 20X4. (Amounts to be deducted should be indicated with a minus sign.) GILFORD CORPORATION Statement of Cash Flows December 31, 20X4 Cash flows from operating activities Adjustments to reconcile net income to cash provided by operating activities: Total adjustments 0 0 Cash flows from investing activities 0 Cash flows from financing activities Adjustments to reconcile net income to cash provided by operating activities: Total adjustments 0 0 0 Cash flows from investing activities 0 Cash flows from financing activities 0 0 $ 0