$ The income statement and additional data of Norman Travel Products, Inc., follow Click the icon to view the income statement.) Click the icon to view the additional data.) Requirements 1. Prepare Norman'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 Cash flows from investing activities: Acquisition of plant assets (90,000) Proceeds from sale of land 25,000 Net cash provided by (used for) investing activities (65,000) Cash flows from financing activities: Proceeds from issuance of common stock 28,000 Payment of long-term noto payable (12,000) Payment of dividende (13.000) Not cash provided by used for) financing activities 3.000 Net increase (decrease) in cash Cash balance, December 31, 2017 Cash balance, December 31, 2018 Noncash investing and financing activities: $ 4. $ 54,600 $ $ Cash flows from operating activities: Net income 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 Increase in accrued liabilities Net cash provided by (used for) operating activities Cash flows from investing activities: Acquisition of plant assets 22,000 12,000 (55,000) (700) 20,000 17,000 15,300 69,900 $ Proceeds from sale of land (90,000) 25,000 Help me solve this Damoda. Norman Travel Products, Inc. Income Statement ur Year Ended December 31, 2018 Revenues: Service revenue $ 245,000 8,000 $ 253,000 Dividend revenue Expenses: Cost of goods sold 101,000 59,000 22,000 Salary expense Depreciation expense Advertising expense Interest expense 4,500 3,900 8,000 Income tax expense 198,400 Net income $ 54,600 c. Proceeds from the issuance of common stock totaled $28,000. d. Payment of a long-term note payable was $12,000. e. Payment of dividends was $13,000. f. From the balance sheets: December 31, 2018 2017 Current assets: Cash $ 90,000 $ 82,100 41,000 53,000 Accounts receivable Inventory Prepaid expenses 104,000 49,000 9,100 8,400 2 Current liabilities: Accounts payable Accrued liabilities $ 30,000 $ 10,000 99,000 82,000