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C/F Problem Presented are the comparative December 31 financial statements for Medinet, Inc. (in $...

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C/F Problem Presented are the comparative December 31 financial statements for Medinet, Inc. (in $ Millions). Prepare a statement of cash flows for December 31, Year 2 using the indirect method. Medinet Industries, Inc Balance Sheets At December 31, Year 2 and Year 1 Year 2 Cash $96,719 Accounts Receivable 100,000 Inventory 206,250 Prepaid Insurance 1,875 Land, Buildings, and Equipment 1,562,500 Accumulated Depreciation (762,500) Investments 19,375 Total Assets $1,224,219 Year 1 $28,69 85,31 181,25 2,50 1,406,25 (715,000 106,25 $1,095,25 Accounts Payable Salaries Payable Notes Payable Bonds Payable Common Stock Retained Earnings $185,83 30,62 93,75 $95,425 25,000 31,250 250,000 375,000 447,544 $1.224.219 375,00 410,04 $1.095,25 C/F Problem - continued Additional information for Year 2 1) Sold available for sale securities costing $86,875 for $92,500. 2) Equipment costing $25,000 with a book value of $6,250 was sold for $7,500 3) Issued 8% bonds at face value for $250,000. 4) Purchased new equipment for $181,250 and paid cash. 5) Paid cash dividends of $25,000. 6) Net income was $62,500

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