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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

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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 onded 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 Norman'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.) al Products Inc Data table Norman Travel Products, Inc. Income Statement Year Ended December 31, 2021 Revenues: Service revenue $ $ 245,000 8,300 $ 253,300 Dividend revenue 94,000 57,000 22.000 Expenses: Cost of goods sold Salary expense Depreciation expense Advertising expense Interest expense Income tax expense 4,300 3,900 13,000 194,200 $ 59,100 Net income Done Print Additional data: a. Acquisition of plant assets was $155,000. Of this amount, $99,000 was paid in cash and $56,000 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 $35,000. d. Payment of a long-term note payable was $19,000. e. Payment of dividends was $9,000. f. From the balance sheets: December 31, 2021 2020 Current assets: $ 165,000 $ 98,300 Cash 54,000 35,000 Accounts receivable 29,000 65,000 Inventory 10,000 8,600 Prepaid expenses More info C. Proceeds from the issuance of common stock totaled $35,000. d. Payment of a long-term note payable was $19,000. e. Payment of dividends was $9,000. f. From the balance sheets: December 31, 2021 2020 $ 165,000 $ 98,300 Current assets: Cash Accounts receivable Inventory Prepaid expenses 35,000 29,000 10,000 54,000 65,000 8,600 $ $ Current liabilities: Accounts payable Accrued liabilities 40,000 $ 29,000 36,000 57,000 Print Done Statement of Cash Flows (Indirect Method) Year Ended December 31, 2021 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 Decrease in inventory Increase in prepaid expenses Increase in accounts payable Decrease in accrued liabilities Net cash provided by (used for) operating activities

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