The net income reported on the income statement for the current year was $73,600. Depreciation recorded on store equipment for the year amounted to $27,400. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $18,700 48,000 Accounts receivable (net) Inventory $23,500 56,000 35,500 4,750 40,000 Prepaid expenses 7,000 Accounts payable (merchandise creditors) 16,800 21,800 4,900 Wages payable 5,800 a. Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash o flows, cash payments, decreases in cash, or any negative adjustments. Statement of Cash Flows (partial) Cash flows from operating activities: Adjustments to reconcile net income to net cash flow from operating activities: Changes in current operating assets and liabilities: Net cash flow from operating activities accrual basis Net cash flow from operating activities cash basis of accounting. For example revenues are b. Cash flows from operating activities differs from net income because it does not use the recorded on the income statement when Determining Cash Payments to Stockholders The board of directors declared cash dividends totaling $1,200,000 during the current year. The comparative balance sheet indicates dividends payable of $250,000 at the beginning of the year and $100,000 at the end of the year. What was the amount of cash payments to stockholders during the year