Cash flow Statement Preparation ODGERS INC. Comparative Balance Sheets Dec-31 Change (increase/decrease) Assets Cash Accounts receivable Inventory Prepaid expenses Long-term investments Plant assets Accumulated depreciation Total 2014 2013 $113,928 $68,244 123,798 53,580 158,625 145,019 40,044 36,660 194,580 153,690 401,850 341,925 (70,500) (73,320) $962,325 $725,798 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings Total $143,820 $94,893 23,265 29,610 155, 100 205,860 310,200 246,750 329,940 148,685 $962,325 $725,798 ODGERS INC. Income Statement For the Year Ended December 31, 2014 $547,729 190,999 356,730 65,565 17,498 Sales revenue Cost of goods sold Gross profit Operating expenses: Depreciation expense Other operating expenses Total operating expenses Operating income Other expenses: Loss on disposal of plant assets Interest expense Income before income tax Income tax expense Net income 83,063 $273,667 10,575 6,669 17,244 256,423 38,465 $217,958 Additional information: 1. New plant assets consisting $141,000 were purchased for cash during the year 2. Old plant assets having an original cost of $ 81,075 and accumulated depreciation of $68,385 were sold for $2,115 cash. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of $36,703 was declared and paid during the year. Required: 1 Prepare the statement of cash flow statement of Odgers INC. using the indirect method. 2. Show the operating activities section of Odgers INC cash flow statement using the direct method