I need help with this problem, pleas make sure the answer are correct. ATTACHMENT PREVIEW Download attachment Problem Fall 2015.docx The following information is available for the Ehrens Corporation: EHRENS CORPORATION Balance Sheets At December 31 2015 $ 34,140 22,180 73,125 56,400 175,500 (33,550) $327,795 Assets: Cash Accounts receivable Merchandise inventory Land Building and Equipment Accumulated depreciation Total assets Liabilities: Accounts payable Incomes taxes payable Bonds payable Total liabilities Equity: Common stock Contributed capital in excess of pay Retained earnings Total equity Total liabilities and equity 2014 $ 23,040 29,400 61,710 56,400 145,500 (31,200) $284,850 $ 65,000 10,725 48,750 $124,475 $ 40,380 10,200 66,000 $116,580 117,000 13,000 73,320 $203,320 $327,795 96,000 9,000 63,270 $168,270 $284,850 EHRENS CORPORATION Income Statement For Year Ended December 31, 2015 Sales Cost of goods sold Depreciation expense Other operating expenses Interest expense Other gains (losses): Loss on sale of equipment Income before taxes Income taxes expense Net income $240,000 $80,900 29,400 48,000 2,000 (160,300) (8,400) 71,300 27,650 $ 43,650 Additional information: (1) Old equipment with an original cost of $37,550 was sold for $2,100 cash. (2) New equipment was purchased for $67,550 cash. (3) Bond payments of 17,250 cash were made. (4) Cash dividends of $33,600 were paid. (5) Additional shares of stock were issued for $25,000 cash. Prepare a complete statement of cash flows for calendar-year 2015 using the indirect method. EHREN COMPANY Statement of Cash Flows For Year Ended December 31, 2015 Cash flows from operating activities Net income………………………………………………………………… _____________________________________________ ____ _____________________________________________ _____________________________________________ _____________________________________________ _____________________________________________ _____________________________________________ ____________________ Net cash _________ operating activities……………………… Cash flows from investing activities _____________________________________________ _____________________________________________ ________ Net cash ________in investing activities…………………….. Cash flows from financing activities _____________________________________________ _____________________________________________ _____________________________________________ ____________ Net cash _________ financing activities………………………. Net _________ in cash………………………………………………….. Cash balance at prior year-end……………………………………… Cash balance at current year-end………………………………….. BE SURE YOUR WORDS AND NUMBERS ARE LEGIBLE!