The income statement and additional data of Bryan Travel Products, Inc., follow: (Click the icon to view the income statement.) Requirements (Click the icon to view the additional data.) 1. Prepare Bryan's statement of cash flows for the year ended December 31, 2021, using the indirect method. 2. Evaluate the company's cash flows for the year. In your evaluation, mention all three categories of cash flows and give the rationale for your evaluation. Requirement 1. Prepare Bryan's statement of cash flows for the year ended December 31, 2021, using the indirect method. Start by completing the cash flows from operating activities. Then complete each section of the statement of cash flows, including the noncash investing and financing activities. (Use parentheses or a minus sign for numbers to be subtracted and for a net decrease in cash.) Bryan Travel Products, Inc. Statement of Cash Flows (Indirect Method) Year Ended December 31, 2021 Cash flows from operating activities: Net income Adjustments to reconcile net income to 51,800 Decrease in accounts receivable Decrease in inventory Increase in prepaid expenses net cash provided by (used for) operating activities: Depreciation 36,000 12,000 34,000 (500) Increase in accounts payable 13,000 Increase in accrued liabilities 3,000 97,500 Net cash provided by (used for) operating activities 149,300 Cash flows from investing activities: Acquisition of plant assets $ (160,000) Proceeds from sale of land 34,000 Net cash provided by (used for) investing activities (126,000) The income statement and additional data of Bryan Travel Products, Inc., follow: (Click the icon to view the income statement.) Requirements (Click the icon to view the additional data.) 1. Prepare Bryan's statement of cash flows for the year ended December 31, 2021, using the indirect method. 2. Evaluate the company's cash flows for the year. In your evaluation, mention all three categories of cash flows and give the rationale for your evaluation. Decrease in accounts receivable 12,000 Decrease in inventory 34,000 Increase in prepaid expenses (500) Increase in accounts payable 13,000 Increase in accrued liabilities 3,000 97,500 Net cash provided by (used for) operating activities 149,300 Cash flows from investing activities: Acquisition of plant assets Proceeds from sale of land (160,000) 34,000 Net cash provided by (used for) investing activities (126,000) Cash flows from financing activities: Payment of dividends Proceeds from issuance of common stock Payment of long-term note payable (18,000) 33,000 (12,000) Net cash provided by (used for) financing activities 3,000 Net increase (decrease) in cash Cash balance, December 31, 2020 Cash balance, December 31, 2021 Noncash investing and financing activities: Data table - More info Bryan Travel Products, Inc. Income Statement Year Ended December 31, 2021 Revenues: Service revenue $ 280,000 Additional data: a. Acquisition of plant assets was $204,000. Of this amount, $160,000 was paid in cash and $44,000 was financed by signing a note payable. b. Proceeds from the sale of land totaled $34,000. c. Proceeds from the issuance of common stock totaled $33,000. d. Payment of a long-term note payable was $12,000. e. Payment of dividends was $18,000. Dividend revenue 8,900 $ 288,900 f. From the balance sheets: Expenses: Cost of goods sold 104,000 December 31, 2021 2020 Salary expense 78,000 Depreciation expense 36,000 Advertising expense 3,500 Interest expense 2,600 13,000 237,100 Income tax expense Current assets: Cash $ 165,000 $ 138,700 Accounts receivable Inventory 42,000 54,000 50,000 84,000 Prepaid expenses 9,500 9,000 $ 51,800 Net income Current liabilities: Accounts payable 33,000 $ 20,000 Accrued liabilities 85,000 82,000 Print Done Print Done - X