The net changes in the balance sheet accounts of Eau Gallie, Inc. for the year 20X1 are shown on the attached page. Other additional information is also available on the next page. REQUIRED: Prepare a statement of cash flows, in proper form, for the year ending December 31, 20X1, using the indirect method. Ignore income tax effects. Exclude the reconciliation of cash balance but include a schedule of noncash investing and financing activities EAU GALLIE, INC. INCOME STATEMENT DATA FOR YEAR ENDED DECEMBER 31, 20X1 S 136,000 66,000 S 70,000 Income before extraordinary item Extraordinary loss: Condemnation of land Net income (b) Cash dividends of $64,000 were declared December 15, 20X1, payable January 15, 20X2. A 5% stock dividend was issued March 31, 20X1, when the market value was $22.00 per (c) All changes to the long term investments account were due to sales of investments for (dA building and land which cost $240,000 and had a book value of S150,000 were sold for share. 70,000 $200,000. The cost of the land, included in the cost and book value above, was $10,000 (e) The following entry was made to record an exchange of an old machine for a new one. Debit Credit Machinery 80,000 Accumulated Depreciation, Machinery 20,000 Machinery Cash 30,000 70,000 (tA fully depreciated copier machine which cost S14,000 was written off. All other changes to the accumulated depreciation accounts were due to depreciation expense. (g) Preferred stock with a par value of S30,000 was redeemed for $40,000. (h) The company sold 6,000 shares of its common stock on June 15, 20X1, for $25 a share. There were 43,800 shares outstanding on December 31, 20X1 (i) Bonds payable were sold at 104 on December 3, 20X1 iLand that was condemned that had a book value of $120,000 EAU GALLIE, INC. NET CHANGES IN BALANCE SHEET ACCOUNTS FOR YEAR ENDED DECEMBER 31, 20X1 Debit Credit Account Cash Accounts Receivable Allowance For Doubtful Accounts Inventory Prepaid Expenses Long Term Investments Land Buildings Machinery Office Equipment Accumulated Depreciaton, Buildings Accumulated Depreciation, Machinery Accumulated Depreciation, Office Equipment Accounts Payable Accrued Liabilities Dividends Payable Premium on Bonds Payable Bonds Payable Preferred Stock (S50 par value) Common Stock ($10 par value) Additional Paid In Capital, Common Stock Retained Earnings 62,800 32,000 7,000 108,600 10,000 72,000 150,000 300,000 50,000 14,000 12,000 10,000 6,000 91,600 36,000 64,000 16,000 400,000 30,000 78,000 111,600 43,600 Totals 852,600S 852,600