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On the basis of the following data for Breach Co. for the current and preceding years ended December 31, prepare a statement of cash flows using the indirect method. Assume that equipment costing $25,000 was purchased for cash and no long-term assets were sold during the period. Stock was issued for cash-3,200 shares at par. Net income for the current year was $76,000. Cash dividends declared and paid were $13,000. Current Year Prior Year Assets Cash $ 170,000 78,000 106,500 Accounts Receivable (net) Inventories Equipment Accumulated Depreciation $74,000 85,000 90,000 370,000 (158,000) $461,000 395,000 (195,000) Total assets $ 554,500 Liabilities and stockholders' equity Accounts Payable (merchandise creditors) Taxes Payable $51,000 $50,000 5,000 2,500 230,000 Common Stock, $10 par Retained Earnings 262,000 239,000 $ 554,500 176,000 Total Liabilities and Stockholders' Equity $461,000 Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments. Breach Co. Statement of Cash Flows For Year Ended December 31 Cash flows from operating activities: Adjustments to reconcile net income to net cash flow from operating activities: Accounts Payable (merchandise creditors) $50,000 $51,000 2,500 Taxes Payable 5,000 230,000 Common Stock, $10 par 262,000 Retained Earnings 239,000 176,000 Total Liabilities and Stockholders' Equity $ 554,500 $461,000 Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments. Breach Co. Statement of Cash Flows For Year Ended December 31 Cash flows from operating activities: Adjustments to reconcile net income to net cash flow from operating activities: Changes in current operating assets and liabilities: i lll l Net cash flow from operating activities Cash flows from investing activities: Net cash flow used for investing activities Cash flows from financing activities: Net cash flow provided by financing activities Cash at the beginning of the year Cash at the end of the year