The income statement and additional data of Noel Travel Products, Inc., follow: (Click the icon to view the income statement.) (Click the icon to view the additional data.) Requirements 1. Prepare Noel's statement of cash flows for the year ended December 31, 2020, using the indirect method. 2. Evaluate Noel's cash flows for the year. In your evaluation, mention all three categories of cash flows and give the reason for your evaluation. - Requirement 1. Prepare Noel's statement of cash flows for the year ended December 31, 2020, 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 non-cash investing and financing activities. (Round your answers to the nearest whole dollar. Use parentheses or a minus sign for numbers to be subtracted and for negative amounts.) Noel Travel Products, Inc. Data Income statement Statement of Cash Flows Year Ended December 31, 2020 Additional data Cash flows from operating activities: Noel Travel Products, Inc. a. Acquisition of plant assets was $219,048. Of this amount, $175,238 was paid in cash and $43,810 by signing a note payable. Income Statement b. Proceeds from sale of land totalled $25,190. Adjustments to reconcile net income to Year Ended December 31, 2020 c. Proceeds from issuance of common share totalled $65,714. net cash provided by (used for) operating activities: Revenues d. Payment of long-term note payable was $14,239. e. Payment of dividends was $10.952. Service revenue 309.952 f. From the balance sheet: 9,529 Dividend revenue S 319.481 Expenses December 31, Cost of goods sold 105.143 2019 Salary expense 59.143 Current Assets: Depreciation expense 29.571 Cash $ 164,286 $ 152.130 Net cash provided by (used for) operating activities Advertising expense 4.710 48,190 Cash flows from investing activities: Accounts receivable 62,429 2.300 Interest expense 6.571 Inventory 207 438 113,905 78,857 Income tax expense 10.405 Prepaid expenses 9.090 $ 112,043 Net income Current Liabilities: Net cash provided by (used for) investing activities Accounts payable $ 41,619 $ 25,190 Cash flows from financing activities Accrued liabilities 12,048 26,286 Print Done 2020 Print Done The income statement and additional data of Noel Travel Products, Inc., follow: 2 (Click the icon to view the income statement.) A (Click the icon to view the additional data.) Requirements 1. Prepare Noel's statement of cash flows for the year ended December 31, 2020, using the indirect method. 2. Evaluate Noel's cash flows for the year. In your evaluation, mention all three categories of cash flows and give the reason for your evaluation. - X Data net cash provided by (used for) operating activities: - X Income statement Noel Travel Products, Inc. Income Statement Additional data: a. Acquisition of plant assets was $219,048. Of this amount, $175,238 was paid in cash and $43,810 by signing a note payable. b. Proceeds from sale of land totalled $25,190. c. Proceeds from issuance of common share totalled $65,714. d. Payment of long-term note payable was $14,239. e. Payment of dividends was $10.952. f. From the balance sheet: Year Ended December 31, 2020 Net cash provided by used for) operating activities Cash flows from investing activities: Revenues: Service revenue $ 309,952 9.529 December 31, $ 319,481 2020 2019 105.143 Net cash provided by (used for) investing activities Cash flows from financing activities: Current Assets: Cash 59.143 $ 164,286 $ 152.130 Dividend revenue Expenses Cost of goods sold Salary expense Depreciation expense Advertising expense Interest expense Income tax expense Accounts receivable 48,190 62,429 29,571 4.710 2,300 113,905 10.405 78,857 9,090 Inventory Prepaid expenses Current Liabilities: Accounts payable 6,571 207,438 S 112,043 ---||$ 41,619 Net cash provided by (used for) financing activities Net increase (decrease) in cash Net income $ 25,190 26.286 Accrued liabilities 12048 Print Done Non-cash investing and financing activities Print Done Requirement 2. Evaluate Noel's cash flows for the year. In your evaluation, mention all three categories of cash flows and give the reason for your evaluation Noel's cash flow looks are the main source of cash. The company is investing in new plant assets The financing transactions included