1. Prepare a 2018 statement of cash flows using the indirect method.

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Homework 2 X Boca Inc. Balance Sheets December 31 Assets Cash Accounts Receivable Inventory Prepaid Expenses Long-term Investments Plant Assets 2018 40,800 87,800 112,500 28,400 138,000 367,000 2017 48,400 38,000 102,850 26,000 109,000 242,500 Accumulated depreciation Total (50,000) (52,000) 724,500 514,750 Liabilities and Stockholders' Equity Accounts Payable Accrued Expenses Payable Dividends Payable Bonds Payable Common Stock Retained Earnings Total 72,000 13,500 3,000 170,000 262,000 204,000 724,500 67,300 21,000 146,000 175,000 105,450 514,750 Additional Information: 1. Old plant assets having an original cost of $57,500 and accumulated depreciation of $48,500 were sold for $1,500 cash. 2. A new plant asset was purchased directly in exchange for common stock valued at $42,000. 3. New bonds were issued at par for $60,000. 4. Net income was $154,480. 5. A $1,000 prior period adjustment was recorded in 2017 correcting an understatement of depreciation in 2015. The 2017 balance sheet is appropriately restated. Required 1. Prepare a 2018 statement of cash flows using the indirect method. Use the textbook format (pages 1,420, 1,423, and 1,427). Do not submit supporting computations. SUBMISSION INFORMATION: Submit the assignment in Excel using one page. Include your Name, Date, ACC Course, and Homework #1 in the upper left corner. Submit your assignment through the upload feature within Moodle. Assignments should not be emailed to the instructor. PLEASE BE SURE YOUR ASSIGNMENT IS ACTUALLY SUBMITTED AND NOT IN \"DRAFT\" STATUS. There is a requirement to click a box to acknowledge the submission is your original work to complete the submission process