Based on the following information, prepare an indirect method statement of cash flows for the Noodle Manufacturing Corporation.

Problem 12. (35 points) Based on the following information, prepare an indirect method statement of cash flows for the Noodle Manufacturing Corporation. The Noodle Manufacturing Corporation Comparative Balance Sheets As of December 31, 2019 and 2020 12/31/2019 12/31/2020 Assets Current Assets Cash Accounts Receivable.. Inventory... Total Current Assets. $358,000 946,000 1,004,000 $2,308,000 $324,000 1,052,000 1,208,000 $2,584,000 $594,000 8,678,000 (3,974,000) $5,298,000 $7,606,000 $630,000 9,546,000 (4,364,000) $5,812,000 $8,396,000 Noncurrent Assets Land.. Buildings and Machinery Less Accumulated Depreciation. Total Noncurrent Assets.. Total Assets.. Liabilities and Shareholders' Equity Current Liabilities Accounts payable. Taxes payable... Other Short-Term Payables... Total Current Liabilities... Noncurrent Liabilities Bonds Payable.. Total Liabilities.. Shareholder's Equity Common Stock. Retained Earnings. Total Shareholders' Equity..... Total Liabilities and Shareholders' Equity........ $412,000 274,000 588,000 $1,274,000 $558,000 290,000 726,000 $1,574,000 1,984,000 $3,258,000 1,934,000 $3,508,000 $1,672,000 2,676,000 $4,348,000 $7,606,000 $1,704,000 3,184,000 $4,888,000 $8,396,000 Additional Information: (1) Net income for the year was $568,000; dividends declared and paid were $60,000. (2) Depreciation expense for the year was $510,000 on buildings and machinery. (3) The firm sold for $25,000 machinery originally costing $150,000 with accumulated depreciation of $120,000. (4) The firm retired bonds during the year at book value