The comparative statement of financial position and statement of income for Next Wave Company follow.Additional information: 

1. Some of the long-term investments were sold at their carrying value. As a result, there was no gain or loss on this transaction. 

2. Equipment costing $47,000 was sold for $10,500, which was $3,700 more than its net carrying amount at the time of disposal.

Required 

a. Prepare the company’s statement of cash flows for 2024 using the indirect method. 

b. Calculate the amount of cash that was paid for income taxes during 2024. 

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Assets Cash NEXTWAVE COMPANY Comparative Statement of Financial Position Dec. 31, 2024 Accounts receivable Inventory Long-term investments Property, plant, and equipment Accumulated depreciation Liabilities and shareholders' equity Accounts payable Income tax payable Bonds payable Common shares Retained earnings $ 66,700 76,800 121,900 84,500 280,000 (79,500) $ 550,400 $ 52,700 12,000 100,000 230,000 155,700 $550,400 Dec. 31, 2023 $ 47,250 57,000 92,650 97,000 235,000 (70,000) $458,900 $ 49,200 18,000 70,000 200,000 121,700 $458,900