Fire Fly Corp has the following comparative balance sheets for 2023 and 2024 and an income statement for 2024. Prepare a cash flow statement using the indirect method.

Balance Sheet

As of December 31^st

Assets	2024	2023
Cash	$1,550	$4,000
Account Receivable	860	400
Inventory	1,800	1,500
Investment trading securities	970	970
Fair Value Adjustment	70	0
Property Plant & Equipment	12,000	10,800
Accumulated Depre - PPE	-4,650	-4,400
Goodwill	$230	$600
Total Assets	$12,830	$13,870
Liabilities
Accounts Payable	$1,200	$1,550
Accrued Wages	800	220
Convertible Bonds Payable	0	300
Bonds Payable	2,540	4,100
Discount on Bonds Payable	-10	-12
Total Liabilities	$4,530	$6,158
Stockholders' Equity
Common Stock	4,300	3,100
Paid-in capital - Common Stock	300	100
Retained Earnings	3,700	4,512
Total Liability & Equity	$12,830	$13,870

Income Statement

During the Year Ended December 31^st

Revenues	2024
Sales Revenue	$45,050
Dividend Revenue	200
Unrealized Holding Gain/Loss - Income	70
Total Net Sales		$45,320
Expenses
Cost of Goods Sold	$26,000
Operating Expenses	4,287
Interest Expense	45
Loss due to Impairment of Asset	370
Loss on sale of Machinery	154
Total Expenses		30,856
Income Before Income Tax		14,464
Income Tax Expense		(3,037)
Net Income (Loss)		$ 11,427

Additional Information from the 2024 accounting records:

1. Fire Fly owns a 10% of Frog Inc. that increased in market value during 2024. Frog Inc. gave out $2,000 worth of dividends to all of its owners during 2024.

1. 100% of Convertible bonds were exchanged for 100 shares of $1 par common stock.

1. Machinery (part of the Plant Property and Equipment value) with an original cost of $1,000 was sold. Deprecation was calculated using the straight-line method and exactly 60% of its useful life was used up.

1. Depreciation is included as part of Operating Expense.

1. $1,300 worth of equipment was purchased by issuing a bond. All other Property, Plant, and Equipment purchases were made in cash.

Required: Prepare the statement of cash flow under the indirect method. Your finished product should have all the information disclosed on a formal statement, including a list of noncash transactions. (19 points)