Exercise 11-47 (Algorithmic) Preparing the Statement of Cash Flows The comparative balance sheets for Beckwith Products Company are presented below. 2019 2018 Assets: Cash Accounts receivable Inventory Property, plant, and equipment Accumulated depreciation Total assets $ 36,950 $ 25,000 75,100 78,000 45,300 36,000 256,400 153,000 38,650 20,000 $ 375,100 $272,000 Liabilities and Equity: Accounts payable $ 13,100 $ 11,000 Interest payable 11,500 8,000 8,100 9,000 106,800 90,000 92,000 50,000 143,600 104,000 $375,100 $ 272,000 Wages payable Notes payable Common stock Retained earnings Total liabilities and equity Additional Information: 1. Net income for 2019 was $58,400. 2. Cash dividends of $18,800 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 $42,000 cash. 5. Depreciation expense was $20,450, and there were no disposals of equipment.