The income statement, balance sheets, and additional information for Great Adventures, Inc., are provided below.

GREAT ADVENTURES, INC. Income Statement For the year ended December 31, 2014 Revenues: Service revenue (clinic, racing, TEAM) $ 568,000 Sales revenue (MU watches) 124,000 Total revenues $ 692,000 Expenses: Cost of goods sold (watches) 69,400 Operating expenses 289,276 Depreciation expense 48,900 Interest expense 29,556 Income tax expense 56,500 Total expenses 493,632 Net income $ 198,368

GREAT ADVENTURES, INC. Balance Sheet December 31, 2014 and 2013 2014 2013 Increase (I) or Decrease (D) Assets Current assets: Cash $ 394,496 $ 150,400 $ 244,096 (I) Accounts receivable 43,900 33,300 10,600 (I) Inventory 16,800 12,300 4,500 (I) Other current assets 12,200 10,000 2,200 (I) Long-term assets: Land 480,000 0 480,000 (I) Buildings 1,000,000 0 1,000,000 (I) Equipment 63,300 63,300 Accumulated depreciation (74,850) (25,950) 48,900 (I) Total assets $ 1,935,846 $ 243,350 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 13,700 $ 10,400 $ 3,300 (I) Interest payable 850 850 Income tax payable 57,900 39,400 18,500 (I) Long-term liabilities: Notes payable 503,528 31,900 471,628 (I) Stockholders' Equity: Common stock 116,000 19,000 97,000 (I) Paid-in capital 1,072,900 0 1,072,900 (I) Retained earnings 227,968 141,800 86,168 (I) Treasury stock (57,000) 0 (57,000) (I) Total liabilities and stockholders equity $ 1,935,846 $ 243,350

Additional Information for 2014: 1.

Borrowed $510,000 in January 2014. Made 12 monthly payments during the year, reducing the balance of the loan by $38,372.

2. Issued common stock for $1.164 million. 3. Purchased 9,700 shares of treasury stock for $15 per share. 4. Reissued 5,900 shares of treasury stock at $16 per share. 5. Declared and paid a cash dividend of $112,200.

Required:

Prepare the statement of cash flows for the year ended December 31, 2014, using the indirect method.(Amounts to be deducted should be indicated with minus sign. Omit the "$" sign in your response.)

GREAT ADVENTURES, INC. Statement of Cash Flows For the year ended December 31, 2012 Cash Flows from Operating Activities (Click to select) Net loss Net income $ Adjustments for noncash effects: (Click to select) Increase in accounts payable Purchase of buildings Payment of dividends Increase in other current assets Increase in inventory Depreciation expense Purchase of land Increase in accounts receivable Changes in current assets and current liabilities: (Click to select) Decrease in accounts payable Depreciation expense Decrease in inventory Increase in accounts receivable Increase in income tax payable Increase in inventory Increase in other current assets Increase in accounts payable (Click to select) Decrease in inventory Increase in accounts receivable Decrease in accounts payable Increase in accounts payable Depreciation expense Increase in other current assets Increase in inventory Increase in income tax payable (Click to select) Decrease in inventory Depreciation expense Increase in income tax payable Increase in other current assets Increase in inventory Increase in accounts receivable Decrease in accounts payable Increase in accounts payable (Click to select) Decrease in inventory Increase in accounts receivable Increase in income tax payable Increase in accounts payable Increase in inventory Depreciation expense Increase in other current assets Decrease in accounts payable (Click to select) Decrease in accounts payable Increase in accounts payable Increase in inventory Increase in accounts receivable Increase in income tax payable Increase in other current assets Decrease in inventory Depreciation expense Net cash flows from operating activities $ Cash Flows from Investing Activities (Click to select) Purchase of buildings Decrease in accounts payable Increase in inventory Purchase of furniture Cash Increase in accounts payable Decrease in inventory Purchase of land (Click to select) Purchase of furniture Purchase of buildings Purchase of land Decrease in accounts payable Cash Decrease in inventory Increase in accounts payable Increase in inventory Net cash flows from investing activities Cash Flows from Financing Activities (Click to select) Payment of dividends Decrease in accounts payable Repayment of notes payable Purchased treasury stock Issued common stock Reissued treasury stock Increase in accounts payable Issued note payable (Click to select) Decrease in accounts payable Purchased treasury stock Increase in accounts payable Repayment of notes payable Issued common stock Issued note payable Reissued treasury stock Payment of dividends (Click to select) Increase in accounts payable Issued note payable Repayment of notes payable Decrease in accounts payable Payment of dividends Purchased treasury stock Issued common stock Reissued treasury stock (Click to select) Repayment of notes payable Issued common stock Purchased treasury stock Reissued treasury stock Decrease in accounts payable Issued note payable Payment of dividends Increase in accounts payable (Click to select) Decrease in accounts payable Purchased treasury stock Issued common stock Reissued treasury stock Repayment of notes payable Payment of dividends Issued note payable Increase in accounts payable (Click to select) Decrease in accounts payable Repayment of notes payable Payment of dividends Issued common stock Increase in accounts payable Reissued treasury stock Purchased treasury stock Issued note payable Net cash flows from financing activities (Click to select) Net decrease in cash Net increase in cash Cash at the beginning of the period Cash at the end of the period $

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