Complete the following spreadsheet in preparation of the statement of cash flows. (The statement of cash flows is not required.) Prepare the spreadsheet as in Exhibit; report operating activities under the indirect method. Identify the debits and credits in the Analysis of Changes columns with letters that correspond to the following transactions a through e.
a. Net income for the year was $30,000.
b. Dividends of $10,000 cash were declared and paid.
c. Stylish€™s only noncash expense was $50,000 of depreciation.
d. The company purchased plant assets for $70,000 cash.
e. Notes payable of $40,000 were issued for $40,000cash.

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STYLISH CORPORATION Spreadsheet for Statement of Cash Flows-Indireot Method For Year Ended December 31, 2011 Analysis of Changes Deo. 31, 2010 Dea. 31, 2011 Debit Credit Balance Sheet-Debit Bal. Accounts Cash Accounts receivable Merchandise inventory Plant assets S 70,000 180,000 200,000 500,000 S 60,000 190,000 230,000 570,000 $1,050,000 Balance Sheet Credit Bal. Accounts Accumulated depreciation Accounts payable Notes payable Common stock Retained earnings $100,000 170,000 350,000 200,000 130,000 S950,000 $150,000 160,000 390,000 200,000 150,000 $1,050,000 Statement of Cash Flows Operating activities Net income Increase in accounts receivable Increase in merchandise inventory Decrease in accounts payable Depreciation expense Investing activities Cash paid to purchase plant assets Financing activities Cash paid for dividends Cash received from note payable