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:

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MIKOS INC.Comparative Statements of Financial PositionDecember $3120242023$Assets$$Cash$$10,900$$$18,900$Short$-$term investments$77,30044,700$Accounts receivable$77,50033,600$Inventories$,$ at cost$57,80041,900$Prepaid expenses$5,9009,800$Land$52,60079,500$Property$,$ plant, and equipment, net$287,600188,500$Intangible assets$25,90031,800$$$595,500$$$448,700$Liabilities and Shareholders$$ Equity$$Accounts payable$$18,900$$$43,800$Income tax payable$9,8002,900$Accrued liabilities$11,900-0-$Long$-$term notes payable$129,000188,000$Share capital$238,00069,500$Retained earnings$187,900144,500$$$595,500$$$448,700$

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MIKOS INC.$$Statement of Earnings$$For the Year Ended December $31,2024$Sales$$$$907,000$Cost of sales$$449,000$Operating expenses$240,000$Amortization expense$$intangible assets$5,900$Depreciation expense$$property$,$ plant, and equipment$34,900$Interest expense$13,900743,700$Earnings before income taxes$163,300$Income tax expense$48,990$Net earnings$$$$114,310$

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 $$167,900$ was purchased for cash, and old equipment was sold at its carrying amount.

Long$-$term notes of $$19,500$ were paid in cash, and notes of $$39,500$ were converted to shares.

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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.

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