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ARMA INC. Income Statement For the Year Ended December 31, 2008 Sales Less: $392,780 Cost of goods sold $135,460 Operating expenses cluding depreciation Income taxes Interest expense Loss on sale of plant assets 2 4,730 7,500233,880 Net income. $158,900 Additional informatiorn: . New plant assets costing $85,000 were purchased for cash during the year. 2. Old plant assets having an original cost of $57,500 were sold for S1,500 cash. 3. Bonds matured and were paid off at face value for cash, 4. A cash dividend of was declared and paid during the year. Instructions Prepare a statement of cash flows using the indirect method. ARMA INC. Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventories 2008 $ 48,400 33,000 102,850 26,000 114,000 242,500 (50,000 (52,000) $514,750 90,800 92,800 112,500 Investments Plant assets Accumulated depreciation 138,000 270,000 Total $682,500 Liabilities and Stockholders' Equit $112,000 16,500 110,000 220,000 224,000 $682,500 Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings $ 67,300 17,000 150,000 175,000 105450 $514,750 Total