Problem 12-7A (Part Level Submission) Presented below are the financial statements of Kurtzel Company. KURTZEL COMPANY Comparative Balance Sheets December 31 201 Cash Accounts receivable Inventory Property, plant, and equipment 2014 35,000 20,000 28,000 60,000 20,000 14,000 20,000 78,000 (32,000) (24,000) Total $111,000 $108,000 and Accounts payable Income taxes payable Bonds payable Common stock Retained eanings Total $ 19,000 7,000 17,000 18,000 50,000 $111,000 15,000 8,000 33,000 14,000 38,000 $108,000 Sales revenue Cost of goods sold Gross profit Selling expenses Administrative expenses Income from operations Interest expense Income before income taxes Income tax expense Net incom $242,000 175,000 67,000 $18,000 24,000 43,000 3,000 40,000 8,000 32,000 Additional data: 1. Depreciation expense was 17,500. 2. Dividends declared and paid were $20,000 3. During the year equipment was sold for $8,500 cash. This equipment cost $18,000 originally and had accumulated depreciation of $9,500 at the time of sale. (a) Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash now with either a . sign e.g. -15,000 or in parenthesis e.g. (15,000).) Statement ef Cash Flows For the Year Ended December 31, 2014 Adjustments to reconcile net income to