Waterway Company Comparative Balance Sheets December 31 2025 2024 Assets Cash $54,400 $17,600 Accounts receivable 70,400 60,800 Inventory 133,600 151,200 Land 64,000 80,000 Equipment 208,000 160,000 Accumulated depreciation-equipment (52,800) (25,600) Total $477,600 $444,000 Liabilities and Stockholders' Equity Accounts payable $31,200 $34,400 Bonds payable 120,000 160,000 Common stock ($1 par) 172,800 139,200 Retained earnings 153.600 110,400 Total $477,600 $444,000 Additional information: 1. Net income for 2025 was $74,400. 2. Depreciation expense was $27,200. 3. Cash dividends of $31,200 were declared and paid. 4. Bonds payable with a carrying value of $40,000 were redeemed for $40,000 cash. 5. Common stock was issued at par for $33,600 cash. 6. No equipment was sold during 2025. 7. Land was sold for its book value. Prepare a statement of cash flows for 2025 using the indirect method. (Show amounts that decrease cash flow with either a -sign e.g. -45,000, or in parenthesis e.g. (45,000)). SMOLJ USP 10 R Adjustments to reconcile net income to $ +A $