Problem 12-19A (Static) Using financial statements to prepare a statement of cash flows-indirect method LO 12-1, 12-3, 12-4 The comparative balance sheets and an income statement for Raceway Corporation follow. Other Information 1. Purchased land for $66,000. 2. Purchased new equipment for $62,000. 3. Sold old equipment that cost $66,000 with accumulated depreciation of $56,000 for $10,000 cash. 4. Issued common stock for $30,000. Other Information 1. Purchased land for $66,000. 2. Purchased new equipment for $62,000. 3. Sold old equipment that cost $66,000 with accumulated depreciation of $56,000 for $10,000 cash. 4. Issued common stock for $30,000. Required Prepare the statement of cash flows for Year 2 using the indirect method. (Cash outflows should be indicated with a minus sign Answer is not complete. RACEWAY CORPORATION 7 Statement of Cash Flows points For the Year Ended December 31, Year 2 Cash flows from operating activities: Net income Plus: Decreases in current assets and increases in current liabilities: Ending cash balance