ACCT 202 Chapter 16F-Extra Credit Exercise 10 Points: Problem: The comparative Balance Sheet of Respect Inc. for December 31, 2024 and 2023 is as follows: Assets 12/31/2024 12/31/2023 Cash $900 $230 Accounts Receivable 300 270 Merchandise Inventory 240 210 Land 350 550 Equipment 320 220 Accumulated Depreciation-Equipment (90) (50) Total $2,020 $1,430 Liabilities and Stockholders' Equity Accounts Payable $170 $100 Dividends Payable 10 Common Stock, $1 par 60 30 Paid-in Capital in Excess of Par-Common 300 100 Retained Earnings 1,480. 1,200 Total $2,020 $1,430 Additional Information: . Land was sold for $150. Equipment was acquired for cash. There were no disposals of Equipment during the year. . The Common Stock was issued for Cash. Net Income for the year ended 12/31/2019 was $400. Cash dividends declared during the year was $120. On the next page, prepare a Statement of Cash Flows using the indirect method for the year ended 12/31/2024. Alliance Structures, Inc. Statement of Cash Flows For the Year Ended December 31, 2024 Cash Flows from Operating Activities: Net Income Adjustments to reconcile net income to net cash: Net Cash Flow from Operating Activities: Cash Flows from Investing Activities: Net Cash Flow from Investing Activities: Cash Flows from Financing Activities: Net Cash Flow from Financing Activities: Increase (Decrease) in Cash Cash at Beginning of Year Cash at End of Year $ $ S $ S $ $ $