Use the following information for Questions 4.5: Boxwell Corporation Balance Sheets December 31, 20X2 December 31, 20X1 $327,000 $420,000 $675.000 $440,000 $1,200,000 15240,000) $2.822,000 $328,000 $300,000 $506,000 $400,000 $1,200,000 15200,000) $2,534,000 ASSETS Cash Accounts Receivable Inventories Land Plant & Equipment Less: Accumulated Depreciation Total Assets LABILITES Accounts Payable Accrued Wages Interest Payable Income Tax Payable Long-term Debt Total Liabilities STOCKHOLDERS' EQUITY Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Equity 5640,000 $525,000 $8,000 $7,000 $260,000 $1,440,000 $520,000 $490,000 $15,000 $19,000 $360,000 $1,404,000 $886,000 $496,000 $1,382.000 $2,822,000 $760,000 $370,000 $1,130,000 $2.534,000 $1,500,000 $10,000 $1,510,000 Boxwell Corporation Income Statement For the year ended December 31, 20X2 Sales Gain on the sale of Land Total Revenue and Gains Expenses Cost of Goods Sold Wages Expense Depreciation Expense Interest Expense Miscellaneous Total Expenses Income Before Income Taxes Income Tax Expense Net Income $650,000 $380,000 $40,000 $35,000 $15,000 $1,120,000 $390,000 $200,000 $190,000 Additional information for the year 20X2: a) On January 11, 20x2, Boxwell purchased land for $155,000 cash. Boxwell also sold some land for cash. b) On February 8, 20X2, Boxwell issued 8,400 shares of common stock for cash. The stock was issued at $15/share. No common stock was repurchased. c) On July 1, 20X2, Boxwell declared and paid a cash dividend. d) Some long-term debt was paid off with cash. No new long-term debt was issued. e) No cash sales are made to customers (i.e., all sales are on account). f) Accounts Payable solely relates to purchases of inventory. All inventory purchases are made on account. g) Wages expense, Interest Expense, and Income Tax Expense are not cash expenses (i.e., they are accrued) h) Miscellaneous expenses are cash expenses that relate to reimbursements for client entertainment and employee travel. i) No equipment was sold or purchased. 4. Prepare a cash flow statement for 20x2. Use the direct method for the operating activities section (3 points) Cash Flows from Operating Activities: Net Cash Flows from Operating Activities Cash Flows from Investing Activities: Net Cash Flows from Investing Activities Cash Flows from Financing Activities: Net Cash Flows from Financing Activities Net Change in Cash Cash, December 31, 20x1 Cash, December 31, 20X2 5. Re-do the operating activities section in #5 using the indirect method. (1 point) Cash Flows from Operating Activities: Net Cash Flows from Operating Activities