Please do not give solution in image format thanku Use the following data to prepare a statement of cash flows for the year ended December 31 using the indirect method.Cash balance at prior year-endIncrease in wages payableDepreciation expenseGain on sale of equipmentNet incomeCash received from issuing stockCash received from sale of equipmentCash paid for dividendsIncrease in prepaid expensesDecrease in accounts receivableCash flows from operating activities$ 8,4003408404405,0002,0002,300240Statement of Cash Flows (Indirect Method)For Current Year Ended December 31Changes in current operating assets and liabilities1,400640Adjustments to reconcile net income to net cash provided by operating activitiesIncome statement items not affecting cash ash flows from operating activitiesAdjustments to reconcile net income to net cash provided by operating activitiesIncome statement items not affecting cashFor Current Year Ended December 31Changes in current operating assets and liabilitiesCash flows from investing activitiesCash flows from financing activities$0000

Cash Flow Statement - Cash Flow Statement is a Financial Statement that includes inflow and outflow…

Use the following data to prepare a statement of cash flows for the year ended December 31 using the indirect method. $ 8,400 Cash balance at prior year-end Increase in wages payable Depreciation expense 340 Gain on sale of equipment Net income Cash received from issuing stock Cash received from sale of equipment Cash paid for dividends Increase in prepaid expenses Decrease in accounts receivable. Cash flows from operating activities 840 440 5,000 2,000 2,300 240 Statement of Cash Flows (Indirect Method) Current Year Ended December 31 Changes in current operating assets and liabilities 1,400 640 Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash