Problem 12-9A Your answer is partially correct. Try again. Condensed financial data of Blue Spruce Corp. follow. Blue Spruce Corp. Comparative Balance Sheets December 31 2018 Assets Cash Accounts receivable Inventory Prepaid expenses Investments Equipment Accumulated depreciation-equipment 2019 $118,300 $47,700 33,900 112,200 102,000 26,000 139,800113,800 265,600241,400 (52,400) $709,400 $512,400 91,000 29,700 (47,200) Total Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earning:s $111,800 $67,200 17,000 111,800149,800 219,700 174,200 249,600104,200 $709,400 $512,400 16,500 Total Blue Spruce Corp. Income Statement For the Year Ended December 31, 2019 Sales revenue $393,000 Less: Cost of goods sold Operating expenses, excluding depreciation Depreciation expense Income tax expense Interest expense Loss on disposal of plant assets $134,900 11,500 30,600 26,400 4,800 7,500 215,700 $177,300 Net income Additional information: 1. New equipment costing $80,200 was purchased for cash during the year. 2. Old equipment having an original cost of $56,000 was sold for $12,700 cash 3. Bonds matured and were paid off at face value for cash 4. A cash dividend of $31,900 was declared and paid during the year. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with eithera sign e.g. -15,000 or in parenthesis e.g. (15,000).,) For the Year Ended December 31, 2019 Cash Flows from Operating Activities 177300 Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense 30600 Loss on Disposal of Plant Assets 7500 Increase in Accounts Receivable (57100) (10200) (3700) 44600 Increase in Inventory Increase in Prepaid Expenses Increase in Accounts Payable Decrease in Accrued Expenses Payable 500 12200 Net Cash Provided by Operating Activities 189500 Cash Flows from Investing Activities Purchase of Plant Assets Purchase of Investments Sale of Plant Assets Net Cash Used by Investing Activities Cash Flows from Financing Activities Redemption of Bonds Redemption of Common Stock Payment of Cash Dividends Net Cash Used by Financing Activities Net Increase in Cash Cash at Beginning of Period Cash at End of Period For Income Taxes Redemption of Bonds Decrease in Accounts Payable Net Income Redemption of Common Stock Increase in Prepaid Expenses Increase in Accounts Receivable Loss on Disposal of Plant Assets Decrease in Prepaid Expenses Sale of Investments Purchase of Investments Issuance of Bonds Increase in Inventory Payment of Cash Dividends Decrease in Inventory To Suppliers Depreciation Expense Issuance of Common Stock Decrease in Accounts Receivable Decrease in Accrued Expenses Payable For Operating Expenses For Interest Increase in Accounts Payable Increase in Accrued Expenses Payable Sale of Plant Assets Purchase of Plant Assets