Wayne Enterprises Using the following income statement, balance sheet, and additional information for Wayne Enterprises prepare a compete Statement of Cash Flows using the indirect method. Prepare the Statement of Cash Flows in proper form with operating, investing, and financing activities. You can create a table if it helps you organize your work but it is not required. Wayne Enterprises Income Statement For the Year Ended December 31, 20X1 Sales Less: Cost of good sold Gross Profit $ 240,000 80,900 159,100 Expenses Salaries Expense 48,000 Depreciation Expense 22,870 Utilities Expense 2,000 Total Expenses 72,870 Operating Income Net Income before taxes $ 86,230 Loss on Sale of Equipment (6,975) $ 79,255 Income tax expense 31,702 Net Income $ 47,553 Wayne Enterprises Balance Sheet December 31, 20X1 Assets Current Year Prior Year Cash Accounts Receivable $ 24,640 S 23,040 32,180 29,400 Inventory Long-term investments Equipment Accum. Depr.- Equipment 73,125 61,710 55,900 56,400 175,500 145,500 (33,550) (31.2001 Wayne Enterprises Income Statement For the Year Ended December 31, 20X1 Sales Less: Cost of good sold Gross Profit $ 240,000 80,900 159,100 Expenses Salaries Expense 48,000 Depreciation Expense 22,870 Utilities Expense 2,000 Total Expenses 72,870 Operating Income Net Income before taxes $ 86,230 Loss on Sale of Equipment (6,975) $ 79,255 Income tax expense 31,702 Net Income $ 47,553 Wayne Enterprises Balance Sheet December 31, 20X1 Assets Current Year Prior Year Cash Accounts Receivable Inventory $ 24,640 $ 23,040 32,180 29,400 73,125 61,710 Long-term investments Equipment Total Assets Liabilities 55,900 56,400 175,500 145,500 Accum. Depr.- Equipment (33,550) (31,200) 327,795 284,850 Accounts Payable 65,000 40,380 Income Taxes Payable 10,725 10,200 Bonds Payable 48,750 66,000 Total Liabilities 124,475 116,580 Equity Common Stock 117,000 96,000 Paid-in capital in excess of par 13,000 9,000 Retained Earnings 73,320 63,270 Total Equity 203,320 168,270 Total Liabilities & Equity 327,795 $ 284,850 Additional Information: 1. Sold equipment with an original cost of: $40,000 2. Cash dividends were paid. 3. Cash was paid for the purchase of new equipment. 4. There was no gain or loss on the sales of the long-term investments. 5. There was no gain or loss on the bonds retired.