Exercise 11-47 (Algorithmic) Preparing the Statement of Cash Flows The comparative balance sheets for Beckwith Products Company are presented below. 2018 2019 Assets: Cash $ 36,950 75,100 Accounts receivable Inventory Property, plant, and equipment Accumulated depreciation 45,300 $ 25,000 78,000 36,000 153,000 20,000 $ 272,000 256,400 38,650 Total assets $ 375,100 Liabilities and Equity: Accounts payable Interest payable $ 13,100 11,500 Wages payable 8,100 103,600 Notes payable Common stock Retained earnings $ 11,000 8,000 9,000 90,000 50,000 104,000 $ 272,000 88,700 150,100 Total liabilities and equity $375,100 Additional Information: 1. Net income for 2019 was $58,400. 2. Cash dividends of $12,300 were declared and paid during 2019. 3. During 2019, Beckwith issued $50,000 of notes payable and repaid $35,000 principal relating to notes payable. 4. Common stock was issued for $38,700 cash. 5. Depreciation expense was $17,250, and there were no disposals of equipment. 58.400