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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

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) $ 581,000
Sales revenue (MU watches) 129,000
Total revenues $ 710,000
Expenses:
Cost of goods sold (watches) 69,000
Operating expenses 289,276
Depreciation expense 49,000
Interest expense 26,081
Income tax expense 55,600
Total expenses 488,957
Net income $ 221,043

GREAT ADVENTURES, INC. Balance Sheet December 31, 2014 and 2013
2014 2013 Increase (I) or Decrease (D)
Assets
Current assets:
Cash $ 575,546 $ 144,760 $ 430,786 (I)
Accounts receivable 44,600 33,800 10,800 (I)
Inventory 16,400 13,000 3,400 (I)
Other current assets 12,600 10,100 2,500 (I)
Long-term assets:
Land 481,000 0 481,000 (I)
Buildings 990,000 0 990,000 (I)
Equipment 63,400 63,400
Accumulated depreciation (74,750) (25,750) 49,000 (I)
Total assets $ 2,108,796 $ 239,310
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 13,400 $ 9,900 $ 3,500 (I)
Interest payable 910 910
Income tax payable 57,700 38,700 19,000 (I)
Long-term liabilities:
Notes payable 446,543 30,400 416,143 (I)
Stockholders' Equity:
Common stock 118,000 19,000 99,000 (I)
Paid-in capital 1,299,000 0 1,299,000 (I)
Retained earnings 247,343 140,400 106,943 (I)
Treasury stock (74,100) 0 (74,100) (I)
Total liabilities and stockholders equity $ 2,108,796 $ 239,310

Additional Information for 2014:
1.

Borrowed $450,000 in January 2014. Made 12 monthly payments during the year, reducing the balance of the loan by $33,857.

2. Issued common stock for $1.386 million.
3. Purchased 9,900 shares of treasury stock for $19 per share.
4. Reissued 6,000 shares of treasury stock at $21 per share.
5. Declared and paid a cash dividend of $114,100.

Required:

Prepare the statement of cash flows for the year ended December 31, 2014, using theindirectmethod.(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 incomeNet loss $
Adjustments for noncash effects:
(Click to select)Increase in other current assetsDepreciation expenseIncrease in inventoryPurchase of buildingsPurchase of landPayment of dividendsIncrease in accounts payableIncrease in accounts receivable
Changes in current assets and current liabilities:
(Click to select)Increase in accounts receivableDepreciation expenseIncrease in other current assetsIncrease in accounts payableIncrease in income tax payableDecrease in inventoryIncrease in inventoryDecrease in accounts payable
(Click to select)Increase in accounts receivableIncrease in accounts payableIncrease in other current assetsIncrease in inventoryIncrease in income tax payableDecrease in accounts payableDecrease in inventoryDepreciation expense
(Click to select)Decrease in accounts payableIncrease in income tax payableIncrease in accounts receivableIncrease in inventoryDecrease in inventoryIncrease in accounts payableIncrease in other current assetsDepreciation expense
(Click to select)Increase in other current assetsIncrease in accounts receivableIncrease in inventoryDecrease in inventoryDepreciation expenseIncrease in accounts payableDecrease in accounts payableIncrease in income tax payable
(Click to select)Depreciation expenseIncrease in inventoryIncrease in accounts payableDecrease in inventoryIncrease in other current assetsIncrease in accounts receivableDecrease in accounts payableIncrease in income tax payable
Net cash flows from operating activities $
Cash Flows from Investing Activities
(Click to select)Decrease in accounts payableIncrease in accounts payablePurchase of buildingsPurchase of landIncrease in inventoryDecrease in inventoryPurchase of furnitureCash
(Click to select)CashDecrease in accounts payableIncrease in inventoryPurchase of buildingsPurchase of landDecrease in inventoryIncrease in accounts payablePurchase of furniture
Net cash flows from investing activities
Cash Flows from Financing Activities
(Click to select)Reissued treasury stockPurchased treasury stockIssued note payablePayment of dividendsRepayment of notes payableIssued common stockDecrease in accounts payableIncrease in accounts payable
(Click to select)Repayment of notes payableReissued treasury stockPayment of dividendsIncrease in accounts payablePurchased treasury stockDecrease in accounts payableIssued common stockIssued note payable
(Click to select)Purchased treasury stockIncrease in accounts payableDecrease in accounts payableReissued treasury stockRepayment of notes payablePayment of dividendsIssued common stockIssued note payable
(Click to select)Repayment of notes payablePayment of dividendsPurchased treasury stockIssued common stockIncrease in accounts payableDecrease in accounts payableReissued treasury stockIssued note payable
(Click to select)Purchased treasury stockReissued treasury stockIssued note payableDecrease in accounts payablePayment of dividendsIncrease in accounts payableRepayment of notes payableIssued common stock
(Click to select)Payment of dividendsIssued note payableIssued common stockRepayment of notes payableIncrease in accounts payableReissued treasury stockPurchased treasury stockDecrease in accounts payable
Net cash flows from financing activities
(Click to select)Net increase in cashNet decrease in cash
Cash at the beginning of the period
Cash at the end of the period $

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