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Cash Flow Statement Assignment (Fall 2018) The following are accounting items taken from the records...

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Cash Flow Statement Assignment (Fall 2018) The following are accounting items taken from the records of the Biden Company for 2018: Payment of dividends to stockholders Decrease in accounts payable Decrease in accounts receivable Increase in inventories Increase in salaries payable Net income for 2018 Payment for purchase of land and building Payback for long-term notes payable (principal payment: $22,000; interest expense and payment: $1,200) Issuance of ten-year bonds payable at par value Depreciation expense Amortization expense Cash proceeds from sale of patent rights Gain on the sale of patent rights Purchase equipment by issuing long-term notes Cash (at the beginning of 2018) $40,000 $48,000 $62,000 $19,200 $40,000 $136,000 $128,000 $46,400 $160,000 $24,000 7,000 S64,000 12,000 $70,000 $560,000 Required: Prepare the Statement of Cash Flows for Biden Company for 2018 using the indirect method. You are required to use Excel (including Excel functions) to complete the assignment

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