The management team of Wickersham Brothers Incorporated is preparing its annual financial statements. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statements are summarized. Balance Sheet Assets Cash Accounts Receivable Inventory Property and Equipment Less: Accumulated Depreciation Total assets Liabilities Current Year Prior Year $118,000 112,000 $ 99,900 128,000 96,000 182,000 (52,480) 104,000 96,000 (27,000) $403,800 $ 19,200 1,600 $453,420 Accounts Payable $16,000 Salaries and Wages Payable 3,200 80,000 96,000 148,000 128,000 206,220 159,000 5 453,420 $403,800 Sales $440,000 Notes Payable, Long-Term Stockholders Equity Common Stock Retained Earnings Total Liabilities and Stockholders equity Income Statement Cost of Goods sold Depreciation Expense Other Expenses Net Income 230,000 25,480 110,000 74,520 Other information from the company's records includes the following: Bought equipment for cash, $86,000. Paid $16,000 on long-term note payable. Issued new shares of common stock for $20,000 cash. Cash dividends of $27,300 were declared and paid to stockholders. Accounts Payable arose from inventory purchases on credit. Income tax expense ($18,630) and interest expense ($4,800) were paid in full at the end of both years and are included in Other Expenses Required: WICKERSHAM BROTHERS Statement of Cash Flows For the Year Ended December 31 Cash Flows from Operating Activities Adjustments to reconcile net income to net cash provided by operating activities Changes in current assets and current liabilities: $ 0 Cash Flows from Investing Activities $ Cash Flows from Financing Activities Cash and Cash Equivalents, beginning of period Cash and Cash Equivalents, end of period Supplemental Disclosures $ 0 $ 0