Preparing a Statement of Cash Flows-Indirect Method Exon Corporation's recent comparative balance sheet and income statement follow. Additional information 1. During the current year, equipment costing $40,000 was sold for cash. 2. During the current year, $20,000 of bonds payable was issued in exchange for property, plant, and equipment. There was no amortization of bond discount or premium. Prepare the statement of cash flows for the current year ended December 31, assuming the indirect method is used in reporting 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 Net income Adjustments