Instructions: Prepare the Statement of Cash Flows using the Indirect Method Prepare the Statement of Cash Flows using an excel file Show and label calculations of cash flow lines. Make sure all dollar amounts show in the excel cell. Calculate Retained Earnings for December 31, 2021. Show and label calculation. Enter solution in the Balance Sheet. Cecil Carriages Corporation Comparative Balance Sheet December 31, 2021 Change in Account Balance Amount Inc. / Dec. 2021 2020 $ $ $ 118,000 Inc. 151,000 20,000 15,000 5,000 33,000 30,000 10,000 1,000 Assets Current Assets Cash Accounts Receivables Inventory Prepaid Expenses Property, plant, and Equipment Land Building Accumulated depreciation - building Equipment Accumulated depreciation - equipment Total 130,000 160,000 (11,000) 27,000 (3,000) 494,000 20,000 40,000 (5,000) 10,000 (1,000) 138,000 $ $ $ $ 28,000 6,000 12,000 8,000 Liabilities and Stockholders" Equity Current Liabilities Accounts Payable Income Tax Payable Long-term Liabilities Bonds Payable Mortgage Payable Stockholders' Equity Common Stock Retained Earnings Total Liabilities an Stockholders' Equity 20,000 130,000 96,000 70,000 ???? 494,000 50,000 48,000 138,000 $ $ Cecil Carriages Corporation Income Statement For the Year Ended December 31, 2021 $ 507,000 (150,000) 357,000 $ Revenues Cost of Goods Sold Gross Profit Operating Expense (excluding depreciation) Depreciation Expense Loss on Sale of Equipment Interest Expense Income before Income Tax Income Tax Expense Net Income 111,000 9,000 3,000 42,0 $ (165,000) 192,000 (47,000) 145,000 $ Additional Information for 2021: 1 The company declared and paid a $29,000 cash dividend 2 Issued $110,000 of long-term bonds in direct exchange for land 3 A building costing $120,000 was purchased with a 20% down payment in cash. Equipment costing $25,000 was also purchased for cash. 4. The company for cash sold equipment with a cost of $8,000 and accumulated depreciation of $1,000. Issued common stock for $20,000 cash. 6 Depreciation expense was comprised of $6,000 for building and $3,000 for equipment. 5