The net changes in the balance sheet accounts of Jennifer Corporation for the year 2021 are shown below. Credit Debit $ 100,920 $140,360 90,712 15,428 86,072 26,448 29,000 243,600 Account Cash Short-term investments Accounts receivable Allowance for doubtful accounts Inventory Prepaid expenses Investment in subsidiary (equity method) Plant and equipment Accumulated depreciation Accounts payable Accrued liabilities Deferred tax liability 8% serial bonds Common stock, $10 par Additional paid-in capital Retained earnings-Appropriation for bonded indebtedness Retained earnings-Unappropriated 150,800 93,612 24,940 17,980 81,200 104,400 174,000 69,600 44,080 $746,576 $746,576 An analysis of the Retained Earnings-Unappropriated account follows: Retained earnings unappropriated, December 31, 2020 $1,508,000 Add: Net income 356,120 Transfer from appropriation for bonded indebtedness 69,600 Total $1,933,720 Deduct: Cash dividends $191,400 Stock dividend 278,400 469,800 Retained earnings unappropriated, December 31, 2021 $1,463,920 1. On January 2, 2021 short-term investments (classified as available-for-sale) costing $140,360 were sold for $179,800. 2. The company paid a cash dividend on February 1, 2021. 3. Accounts receivable of $18,792 and $22,504 were considered uncollectible and written off in 2021 and 2020, respectively. 4. Major repairs of $38,280 to the equipment were debited to the Accumulated Depreciation account during the year. No assets were retired during 2021. 5. The wholly owned subsidiary reported a net loss for the year of $29,000. The loss was recorded by the parent. 6. At January 1, 2021, the cash balance was $192,560. Prepare a statement of cash flows (indirect method) for the year ended December 31, 2021. Jennifer Corporation has no securities which are classified as cash equivalents. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Jennifer Corporation Statement of Cash Flows For the Year Ended December 31, 2021 Increase (Decrease) in Cash Cash Flows from Operating Activities 356,120 TNet Income Adjustments to reconcile net income to TNet Cash Provided by Operating Activities T Equity in Subsidary Loss 29,000 Depreciation Expense TGain on Sale of Short-term Investments TDecrease in Deferred Tax Liability TIncrease in Accounts Receivable (Net) T Increase in Inventory (86,072) T Decrease in Prepaid Expenses 26,448 T Decrease in Accounts Payable (93,612) T Decrease in Prepaid Expenses 26,448 T Decrease in Accounts Payable i (93,612) Increase in Accrued Liabilities TNet Cash Provided by Operating Activities TCash Flows from Investing Activities T Sale of Short-term Investments 179,800 T Purchase of Plant and Equipment (243,600) (38,280)] T Major Repairs to Equipment i I Net Cash Provided by Investing Activities (102080) TCash Flows from Financing Activities T Payments of Cash Dividends (191,400) T Sale of Serial Bonds 81,200 TNet Cash Provided by Financing Activities (110200) T Major Repairs to Equipment (38,280) TT Net Cash Provided by Investing Activities (102080) TCash Flows from Financing Activities T Payments of Cash Dividends (191,400) Sale of Serial Bonds T 8 1,200 | Net Cash Provided by Financing Activities (110200) TNet Increase in Cash Cash, January 1, 2021 T Cash, December 31, 2021