Unit 4 - Exam IV - Chiapers 10&in 22 Lindsey Herrmann has completed the basic format to be used in preparing the statement of cash flows (Indirect method) for Longhorn Consultants. Listed below in random order are line items to be included in the statement of cash flows. 20 Purchase of equipment points 2 Increase in inventory Increase in prepaid rent Payment of dividends Depreciation expense Increase in accounts receivable Increase in accounts payable Loss on sale of land $230,000 32,000 5,see 30,000 20,000 52,000 16,000 10,500 Net income Repayment of notes payable 66,000 Cash received from the sale of land 42,000 2,000 243,8 Issuance of common stock Required: Prepare the statement of cash flows for Longhorn Consultants using the indirect method. (Amounts to be deducted and negative values should be Indicated by a minus sign.) LONGHORN CONSULTANTS Statement of Cash Flows For the Year Ended December 31, 2024 Cash Flows from Operating Activities Adjustments to reconcile net income so net cash flows from operating activities LONGHORN CONSULTANTS Statement of Cash Flows For the Year Ended December 31, 2024' Cash Flows from Operating Activities Adjustments to reconcile net income to net cash flows from operating activities: Net cash flows from operating activities Cash Flows from Investing Activities Net cash flows from investing activities Cash Flows from Financing Activities Net cash flows from financing activities Net increase (decrease) in cash Cash at the beginning of the period Cash at the end of the period (29.000) 101.000 S 72.000