Question 4 (18 marks; 27 minutes) Patrick Company Comparative Statement of Financial Position December 31 2009 Cash $ 43,000 Accounts receivable, net 35,000 Inventory 114,000 Land 120,000 200,000 Accumulated amortization (50,000) Equipment 1,030,000 Accumulated amortization (118,000) $1,374,000 2008 $ 24,000 38,000 82,000 190,000 200,000 (40,000) 600.000 (94,000) $1.000.000 Building Accounts payable $ 115,000 $ 100,000 Bonds payable 320,000 -O- Common shares 750,000 750,000 Retained earnings 189,000 150,000 $1,374,000 $1.000.000 Additional Data: Net income for the year amounted to $84,000. 2. Cash dividends were paid amounting to $45,000. 3. Land was sold for $80,000. 4. Patrick sold equipment, which cost $150,000 and had accumulated amortization of $60,000, for $70,000. Required: 1) Prepare a statement of cash flows for 2009 using the indirect method. 2) Explain why the direct method is considered more useful information to the reader