The income statement and additional data of Noel Travel Products, Inc., follow m (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, 2018, 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 Net Income 75,700 Adjustments to reconcile net income to net cash provided by used for) operating activities: Depreciation 33.000 Decrease in accounts receivable 12.000 Increase in inventory (4.000) Increase in prepaid expenses Increase in accounts payable 11,000 Decrease in accrued liabilities (46.000) 4.900 Net cash provided by used for operating activities 80,600 Cash flows from investing activities: (1.100) Net cash provided by used for) investing activities Inc ont i Data Table sem ation valuation. Noel Travel Products, Inc. Income Statement Year Ended December 31, 2018 Revenues: Service revenue $ 279,000 9,000 $ 288,000 Dividend revenue Expenses: Cost of goods sold Salary expense Depreciation expense Advertising expense Interest expense 101,000 62,000 33,000 2,000 3,300 11,000 $ Income tax expense 212,300 75,700 Net income as and the Print Done Clear All More Info Additional data: a. Acquisition of plant assets was $155,000. Of this amount, $102,000 was paid in cash and $53,000 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 $29,000. d. Payment of a long-term note payable was $12,000. e. Payment of dividends was $14,000. f. From the balance sheets: December 31, 2018 2017 $ Current assets: Cash Accounts receivable Inventory Prepaid expenses 30,000 47,000 94,000 10,000 14,400 59,000 90,000 Rities 8.900 Current liabilities: Accounts payable vities $ $ 38,000 90.00 27,000 00.000 t fields Print Done