The income statement and additional data of Newman Travel Products, Inc., follow. (Click the icon to view the income statement) (Click the icon to view the additional data.) Requirements 1. Prepare Newman's statement of cash flows for the year ended December 31, 2020, using the indirect method 2. Evaluate Newman's cash flows for the year. In your evaluation, mention all three categories of cash flows anc 1 VEEBRUARI TUI 28386 Adjustments to reconcile net income to net cash provided by (used for operating activities Depreciation Decrease in accounts receivable Increase in inventory Increase in prepaid expenses Increase in accounts payable Decrease in accrued liabilities Net cash provided by (used for operating activities Cash flows from investing activities Acquisition of plant assets Proceeds from sale of land Net cash provided by (used for) investing activities Cash flows from financing activities Proceeds from issuance of common shares Payment of long-term note payable Payment of dividends Net cash provided by (used for) financing activities Net increase (decrease) in cash Cash balance, December 31, 2019 Cash balance, December 31, 2020 Non-cash investing and financing activities Payment of note payable Requirement 2. Evaluate Newman's cash flows for the year in your evaluation, mention all three categories of cash flow the reason for your evaluation - X Income Statement Newman Travel Products, Inc. Income Statement Year Ended December 31, 2020 Revenues Service revenue $ 296 476 Dividend revenue 9,114 $ 305,590 Expenses Cost of goods sold 100.571 Salary expense 56 571 Depreciation expense 28.286 Advertising expense 4,505 Interest expense 2,200 Income tax expense 6.286 198 419 Net income $ 107,171 Print Done the indirect method. s of cash flows and - X Data JE Additional data: a. Acquisition of plant assets was $209,524. Of this amount, $167.619 was paid in cash and 541,905 by signing a note payable. b. Proceeds from sale of land totalled $24.095. c. Proceeds from issuance of common share totalled $62,857 d. Payment of long-term note payable was $13,619. e. Payment of dividends was $10,476. f. From the balance sheet: December 31, 2020 2019 157.143 $ 145,513 59,714 46,095 108,952 75,429 Current Assets: Cash Accounts receivable Inventory Prepaid expenses Current Liabilities: Accounts payable Accrued liabilities 9,952 8,695 $ 39,810 $ 24,095 25.143 11,524 Print Done hree categories of cash flows and give the reason for your evaluation