The comparative balance sheet of Whitman Co. at December 31, 20Y2 and 20Y1, is as follows:1Dec. 31, 20Y2Dec. 31, 20Y12Assets3Cash$918,000.00$964,800.004Accounts receivable (net)828,900.00761,940.005Inventories1,268,460.001,162,980.006Prepaid expenses29,340.0035,100.007Land315,900.00479,700.008Buildings1,462,500.00900,900.009Accumulated depreciation-buildings(408,600.00)(382,320.00)10Equipment512,280.00454,680.0011Accumulated depreciation-equipment(141,300.00)(158,760.00)12Total assets$4,785,480.00$4,219,020.0013Liabilities and Stockholders’ Equity14Accounts payable (merchandise creditors)$922,500.00$958,320.0015Bonds payable270,000.000.0016Common stock, $25 par317,000.00117,000.0017Paid-in capital: Excess of issue price over par—common stock758,000.00558,000.0018Retained earnings2,517,980.002,585,700.0019Total liabilities and stockholders’ equity$4,785,480.00$4,219,020.00The noncurrent asset, noncurrent liability, and stockholders’ equity accounts for 20Y2 are as follows:ACCOUNT LandACCOUNT NO.BalanceDateItemDebitCreditDebitCredit20Y2Jan.1Balance479,700Apr.20Realized $151,200 cash from sale163,800315,900ACCOUNT BuildingsACCOUNT NO.BalanceDateItemDebitCreditDebitCredit20Y2Jan.1Balance900,900Apr.20Acquired for cash561,6001,462,500ACCOUNT Accumulated Depreciation–BuildingsACCOUNT NO.BalanceDateItemDebitCreditDebitCredit20Y2Jan.1Balance382,320Dec.31Depreciation for year26,280408,600ACCOUNT EquipmentACCOUNT NO.BalanceDateItemDebitCreditDebitCredit20Y2Jan.1Balance454,68026Discarded, no salvage46,800407,880Aug.11Purchased for cash104,400512,280ACCOUNT Accumulated Depreciation –EquipmentACCOUNT NO.BalanceDateItemDebitCreditDebitCredit20Y2Jan.1Balance158,76026Equipment discarded46,800111,960Dec.31Depreciation for year29,340141,300ACCOUNT Bonds PayableACCOUNT NO.BalanceDateItemDebitCreditDebitCredit20Y2May1Issued 20-year bonds270,000270,000ACCOUNT Common Stock $25 parACCOUNT NO.BalanceDateItemDebitCreditDebitCredit20Y2Jan.1Balance117,000Dec.7Issued 8,000 shares of common stock for $50 per share200,000317,000ACCOUNT Paid-In Capital in Excess of Par–Common StockACCOUNT NO.BalanceDateItemDebitCreditDebitCredit20Y2Jan.1Balance558,000Dec.7Issued 8,000 shares of common stock for $50 per share200,000758,000ACCOUNT Retained EarningsACCOUNT NO.BalanceDateItemDebitCreditDebitCredit20Y2Jan.1Balance2,585,700Dec.31Net loss35,3202,550,38031Cash dividends32,4002,517,980 ,Prepare statement of cash flows, using the indirect method of presenting cash flows from operating activities. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Be sure to complete the heading of the statement. Use the minus sign to indicate net loss, cash outflows, cash payments, decreases in cash, or any negative adjustments.
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