Problem 12-9A Your answer is partially correct. Try again. Condensed financial data of Pharoah Company follow. Pharoah Company Comparative Balance Sheets December 31 Assets 2019 2018 Cash $109,700 $47,900 Accounts receivable 92,200 32,700 Inventory 113,000 101,200 Prepaid expenses 29,900 25,900 Investments 139,800 113,500 Equipment 265,400 242,200 Accumulated depreciation equipment (47,200) (53,000) Total $702,800 5510,400 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings Total $111,800 16,100 118,700 219,400 236,800 S702,800 $67,300 17,100 149,600 174,500 101,900 $510,400 $392,800 Pharoah Company Income Statement For the Year Ended December 31, 2019 Sales revenue Less: Cost of goods sold $134,900 Operating expenses, excluding depreciation 12,400 Depreciation expense 31,100 Income tax expense 26,900 Interest expense 4,100 Loss on disposal of plant assets 7,500 Net income 216,900 $175,900 Additional information: 1. New equipment costing $80,500 was purchased for cash during the year. 2. Old equipment having an original cost of $57,300 was sold for $12,900 cash. 3. Bonds matured and were paid off at face value for cash. 4. A cash dividend of $41,000 was declared and paid during the year. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e. Pharoah Company Statement of Cash Flows December 31, 2019 Cash Flows from Operating Activities Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to Net Cash Used by Operating Activities Loss on Disposal of Plant Assets Depreciation Expense Increase in Accounts Payable Decrease in Accounts Payable olddddd Increase in Accounts Receivable Increase in Prepaid Expenses Decrease in Accrued Expenses Payable II Cash Flows from Operating Activities Cash Flows from Investing Activities Sale of Plant Assets Purchase of Investments Purchase of Plant Assets 80,500 Cash Flows from Investing Activities Cash Flows from Financing Activities Redemption of Common Stock Payment of Cash Dividends 41,000 Redemption of Common Stock Payment of Cash Dividends 41,000 Cash Flows from Financing Activities Net Increase in Cash Cash at Beginning of Period Cash at End of Period LINK TO TEXT