MANAGERIAL ACCOUNTING HANDOUT PROBLEM 14 Score Name Section Problem (10 points). Atached are the comparative balance sheets for Neeson Corporation for the years ending December 31, 20X6 and 20X7. The following additional information is also available for fiscal year 20x7 NEESON CORPORATION ADDITIONAL INFORMATION REQUIRED FOR PREPARATION OF STATEMENT OF CASH FLOWS FOR YEAR ENDING DECEMBER 31, 20x7 (1 ) Equipment that originally cost $ 11,000 and was 40% depreciated at the time ofdisposal was sold for $2,500 (2) (3) S15,000 of the long term note payable was paid by issuing common stock. On January 1 . 20X1 the building was completely destroyed by a flood. Insurance proceeds on the building were S33,000 after $4,000 in taxes on the gain wcre paid. (4) Long term investments were sold at S2,500 above their cost. (5) A long term note was issued in the amount of S16,000 for the purchase of equipment. The company also made additional borrowings using long term notes during the year All other purchases of equipment were made in cash. (6) The company declared dividends of S10,000, which were paid during the year along with the dividends that were payable at the beginning of the year. All other changes to the retained carnings account were due to net income for the period. (7) REQUIRED: Prepare a statement of cash flows for the company for the year ending December 31 20X7, in proper form, using the indirect method. Be sure to include a schedule of noncash investing and financing activities