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. Current Year Prior Year Balance Sheet Assets Cash $ 129,300 $ 146,100 Accounts Receivable 156,000 136,500 Inventory 117,000 126,750 Property and Equipment 224,000 117,000 Less: Accumulated Depreciation (65 360) (34,000) Total assets $ 560,940 $ 492,350 Liabilities: Accounts Payable $ 19,500 $ 23,400 Salaries and Wages Payable 3,900 1,950 Notes Payable, Long-Tern 97,500 117,000 Stockholders' Equity: Common Stock 176,000 156,000 Retained Earnings 264,040 194,000 Total Liabilities and Stockholders $ 560,940 $ 492,350 equity Income Statement Sales $ 580,000 Cost of Goods Sold 300,000 Depreciation Expense 31,360 Other Expenses 145.000 Net Income $ 103,640 Other information from the company's records includes the following Bought equipment for cash, S107,000 Paid $19,500 on long-term note payable Issued new shares of common stock for $20,000 cash Cash dividends of $33,600 were declared and paid to stockholders. Accounts Payable arose from inventory purchases on credit Income tax expense ($25,910) and interest expense ($5,850) were paid in full at the end of both years and are included in Other Expenses . Required: Saved hapter 12 WICKERSHAM BROTHERS INCORPORATED Statement of Cash Flows For the Year Ended December 31 Cash Flows from Operating Activities Net Income $ 103,640 Adustments to reconcile et Income to net cash provided by operating activities: Depreciation Experte 31,360 Changes in current assets and current abilities Increase in Accounts Receivable (19,500) Decrease in Inventory 9,750 Decrease in Accounts Payable (3.900) Increase in Salaries and Wages Payable 1,950 D $ 123.300 Net Cash Provided by Operating Activities Cash Flows from Investing Activities Addition to property, plant and equipment Net Cash Used in Investing Activities Cash Flows from Financing Activities Cash proceeds from issuance of stock Cash payments on long-term debt Cash payment of dividends 20.000 119.500) (33.000) Net Cash Used in Financing Activities $ (33,100) Cash and Cash Equivalents, beginning of period Cash and Cash Equivalents, and of period Supplemental Disclosures 146,100 146,100 $