Lindsey Herrmann has completed the basic format to be used in preparing the statement of cash flows (indirect method) for Longhorn Consultants. Listed below in random order are line items to be included in the statement of cash flows. Purchase of equipment Increase in inventory Increase in prepaid rent Payment of dividends Depreciation expense Increase in accounts receivable. $224,000 26,000 5,500 35,000 20,000 46,000 Increase in accounts payable 20,000 Loss on sale of land. 14,500 Net income 67,000 Repayment of notes payable 43,000 Cash received from the sale of land 4,000 Issuance of common stock. Required: 241,000 Prepare the statement of cash flows for Longhorn Consultants using the indirect method. (Amounts to be deducted and negative values should be indicated by a minus sign.) LONGHORN CONSULTANTS Statement of Cash Flows For the Year Ended December 31, 2024 Cash Flows from Operating Activities: Adjustments to reconcile net income to net cash flows from operating activities. Cash Flows from Operating Activities Adjustments to reconcile net income to net cash flows from operating activities: Net cash flows from operating activities Cash Flows from Investing Activities Net cash flows from investing activities Cash Flows from Financing Activities Net cash flows from financing activities Net increase (decrease) in cash Cash at the beginning of the period Cash at the end of the period (13,000) 97,000 $ 84,000