Preparing the Statement of Cash Flows The comparative balance sheets for Beckwith Products Company are presented below. 2019 2018 Assets: Cash $ 36,950 75,100 45,300 $ 25,000 78,000 Accounts receivable 36,000 Inventory Property, plant, and equipment Accumulated depreciation 256,400 153,000 38,650 20,000 Total assets $ 375,100 $ 272,000 $ 13,100 $ 11,000 8,000 11,500 8,100 9,000 Liabilities and Equity: Accounts payable Interest payable Wages payable Notes payable Common stock Retained earnings Total liabilities and equity 90,000 104,800 87,900 149,700 $375,100 50,000 104,000 $ 272,000 Additional Information: 1. Net income for 2019 was $58,400. 2. Cash dividends of $12,700 were declared and paid during 2019. 3. During 2019, Beckwith issued $50,000 of notes payable and repaid $35,000 principal relating to notes payable. 4. Common stock was issued for $37,900 cash. 5. Depreciation expense was $18,450, and there were no disposals of equipment. Required: 1. Prepare a statement of cash flows (indirect method) for Beckwith Products for 2019. Use a minus sign to indicate any decreases in cash or cash outflows. Beckwith Products Company Statement of Cash Flows For the Year Ended December 31, 2019 Cash flows from operating activities: Net income 58,400 Adjustments to reconcile net income to net cash flow from operating activities: Depreciation expense Decrease in accounts receivable Increase in inventory Increase in accounts payable Increase in interest payable Decrease in wages payable Net cash provided by operating activities Cash flows from investing activities: Equipment purchase Net cash used for investing activities Cash flows from financing activities: Net cash used for investing activities Cash flows from financing activities: Cash received from issuance notes Increase in accounts payable X LULU Decrease in wages payable X Payment of dividends Net cash provided by financing activities Decrease in wages payable X $ Cash, 1/1/2019 Cash, 12/31/2019