P$11-3($Algo$)$ Preparing a Statement of Cash Flows $($Indirect Method$)$ LO$11-2,11-7$

The comparative statements of financial position of Mikos Inc. as of December $31,2023$ and $2024$ and its statement of earnings for the year ended December $31,2024$ are presented below:

$$

MIKOS INC.Comparative Statements of Financial PositionDecember $3120242023$Assets$$Cash$$11,000$$$19,000$Short$-$term investments$79,00046,000$Accounts receivable$78,00034,000$Inventories$,$ at cost$58,00042,000$Prepaid expenses$6,00010,000$Land$53,00080,000$Property$,$ plant, and equipment, net$288,000189,000$Intangible assets$26,00032,000$$$599,000$$$452,000$Liabilities and Shareholders$$ Equity$$Accounts payable$$19,000$$$44,000$Income tax payable$10,0003,000$Accrued liabilities$12,000-0-$Long$-$term notes payable$130,000190,000$Share capital$240,00070,000$Retained earnings$188,000145,000$$$599,000$$$452,000$

$$

MIKOS INC.$$Statement of Earnings$$For the Year Ended December $31,2024$Sales$$$$910,000$Cost of sales$$450,000$Operating expenses$241,000$Amortization expense$$intangible assets$6,000$Depreciation expense$$property$,$ plant, and equipment$35,000$Interest expense$14,000746,000$Earnings before income taxes$164,000$Income tax expense$49,200$Net earnings$$$$114,800$

Additional information is as follows:

Land was sold for cash at its carrying amount.

Mikos sells its short$-$term investments within three months of purchasing them.

Cash dividends were declared and paid in $2024.$

New equipment with a cost of $$168,000$ was purchased for cash, and old equipment was sold at its carrying amount.

Long$-$term notes of $$20,000$ were paid in cash, and notes of $$40,000$ were converted to shares.

$$

Required:

$1.$ Prepare a statement of cash flows for Mikos Inc. for the year ended December $31,2024$ by using the indirect method. $($Negative answers should be indicated by a minus sign.$)$

$2.$ This part of the question is not part of your Connect assignment.

$3.$ This part of the question is not part of your Connect assignment.