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Question 2 The following three accounts appear in the general ledger of Herrick Corp. during 2020. Equipment Debit Credit Date Jan. 1 July 31 Sept. 2 Nov. 10 Balance Purchase of equipment Cost of equipment constructed Cost of equipment sold 71,900 55,000 Balance 160,000 231,900 286,900 238,700 48,200 Date Credit Jan. 1 Nov. 10 Dec. 31 Accumulated Depreciation-Equipment Debit Balance Accumulated depreciation on equipment sold 30,700 Depreciation for year Balance 70,100 39,400 64,400 25,000 Retained Earnings Debit Credit Date Jan. 1 Aug. 23 Dec. 31 Balance Dividends (cash) Net income Balance 105,200 86,300 152,400 18,900 66,100 From the postings in the accounts, indicate how the information is reported on a statement of cash flows using the indirect method. The loss on disposal of plant assets was $5,200. (Hint: Cost of equipment constructed is reported in the investing activities section as a decrease in cash of $55,000.) (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) MUSTESSON Partial Statement of Cash Flows For the Year Ended December 31, 2020 Cash at Beginning of Period Net Income 66100 Adjustments to reconcile net income to Cash at Beginning of Period Cash at End of Period Cash Flows from Financing Activities Cash Flows from Investing Activities Cash Flows from Operating Activities Net Cash Provided by Financing Activities Net Cash Provided by Investing Activities Net Cash Provided by Operating Activities Net Cash Used by Financing Activities Net Cash Used by Investing Activities Net Cash Used by Operating Activities Net Decrease in Cash Net Increase in Cash Decrease in Accounts Payable Net Income Increase in Accounts Receivable Depreciation Expense Loss on Disposal of Plant Assets Sale of Equipment Purchase of Equipment Construction of Equipment Payment of Cash Dividends