Titlea Paragraph Styles Question 22 The comparative balance sheets of Posner Company, for Years 1 and 2 ended December 31, 2018 appear below in condensed form Year 2 Year 1 $53,000 $50,000 Cash Accounts Receivable (net) Inventories 37,000 48,000 08,500 100,000 70,000 Equipment Accumulated Depreciation-Equipment 573,200 450,000 142000) (176,000) $629 700 $542 000 Accounts Payable Bonds Payable, Due Year 2 $62,500 $43,800 -100,000 325,000 285,000 55,000 62 200 58 200 S629 700 $542000 Common Stock, $10 par Paid-In Capital in Excess of Par-Common Stock Retained Eamings 80,000 The income statement for the current year is as follows $625,700 Sales Cost of merchandise sold Gross profit Operating expenses $285,700 $26,000 Depreciation expense Other operating expenses Income from operations Other revenue and expense 68,00094000 $191,700 ENG le Wilat you want to do Normal 1No Spac. T Table Pa.. Heading 1 Heading 2 Title Paragraph : Styles Other revenue and expense: Gain on sale of investment $4,000 (6,000) (2000) Interest expense Income before income tax $189,700 60,700 $129,000 Income tax Net income Additional data for the current year are as follows: (a) The equipment was purchased for cash $183,200. (b) Bonds payable for $100,000 were retired by payment at their face amount 5,000 shares of common stock were issued at $13 for cash. Cash dividends declared and paic, $25,000. (c) (d) (e) the investment was sold for $74,000 cash Prepare a statement of cash flows using the indirect method Dictate &Select Styles Posner Company Statement of Cash Flows For the Year Ended December 31, 2018 Editing Voice Adjs to reconcile net income to net cash flow from op activities Changes in current operating assets and liabilities Net cash flow from operating activities Cash flows from (used for) investing activities Cash flows from (used for financing activities Net c om ase) the Cash at the end of the year C ENG 10:38PM US 53/a079 9 No end 9 8