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Preparing a Statement of Cash Flows-Indirect Method Sterling Corporation's recent comparative balance sheet and income statement follow. Analysis of selected accounts and transactions 1. Sold fixed assets for cash; cost, $42,000, and two-thirds depreciated. 2. Purchased fixed assets for cash, $18,000. 3. Purchased fixed assets; exchanged bonds of $60,000 (face value and fair value) in payment. 4. Sold the long-term investments for cash. Assume carrying value of the investment is equal to its original purchase price. 5. Purchased treasury stock for cash, $23,000. 6. Retired bonds payable at maturity date by issuing common stock, $20,000. 7. Issued common stock for cash, $10,000. Prepare the statement of cash flows for the current year ended December 31 , assuming the indirect method is used in presenting cash flows from operating activities. - Note: Indicate a subtraction in the cash flow statement with a negative sign with the amount. Statement of Cash Flows For the Year Ended December 31 Cash flows from operating activities Adjustments: Cash flows from investing activities Cash flows from financing activities Noncash Disclosure $ $ Cash and cash equivalents, December 31 Cash and cash equivalents, January 1 Change in accounts payable Change in accounts receivable, net Change in inventory Depreciation expense Gain on sale of fixed assets Gain on sale of long-term investments Issuance of bonds payable Issue common stock Loss on sale of fixed assets Loss on sale of long-term investments Net cash provided (used) by financing activities Net cash provided (used) by investing activities Net cash provided (used) by operating activities Net change in cash and cash equivalents during of the year Net income Purchase of fixed assets Purchase of long-term investment Purchase of treasury stock Purchased fixed assets by issuing bonds Retained earnings Retired bonds payable with common stock Sale of fixed assets Sale of long-term investment