LIST Case Study 2: [15 Marks] Plough Company reported net income of $138 300 for the current year. Depreciation recorded on buildings and equipment amounted to $46 000 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $20,000 $15,000 Accounts receivable 23,500 32,000 Inventories 52,000 66,000 Prepaid expenses 9,500 5,000 Accounts payable 12,200 18,500 Income taxes payable 1.600 1.200 Other cash related transactions during the year were: 1. Issued $50 000 of par value common stock for cash 2 Repaid a 6 year note payable in the amount of $22 000. 3. Acquired land by issuing common stock of par value $100 000 4. Declared and paid a cash dividend of $32 000 5. Sold a long-term investment (cost $3 000) for cash of $8 000. 6. An old machine was scrapped and replaced by a new one costing $37 500 REQUIRED: I (Q2A) Prepare the cash flows from the operating activities (15 marks) section of the statement of cash flows using the indirect marks for all the correct amounts method marks for all correct descriptions