Country Vista Company_Statement of cash flows Country Vista Company_Statement of cash flows Question Download and review the income statement for the Country Vista Company. You will use the income statement to help you complete Part 1 and Part 2 below. · Country Vista Company Income Statement For the Year Ended December 31, 2011 Sales $2,48,000 Cost of Goods Sold $1,16,000 Gross Profit $1,32,000 Operating Expenses Wages and Salaries Expense $44,000 Rent Expense $16,000 Depreciation Expense $30,000 Other Operating Expenses $18,000 $1,08,000 Income from Operations $24,000 Gain on Sale of Equipment $26,000 Income before Income Taxes $50,000 Income Tax Expense $17,500 Net Income $32,500 Part 1: Indirect Method Using Excel, prepare the Statement of Cash Flows Indirect Method. Your SOCF should be based upon the income statement and the additional information below: Additional Information: · Increase in Accounts Receivables=$4,000 · Increase in Accounts Payables=$16,000 · Increase in Income Taxes Payable=$300 · Decrease in Prepaid Expenses=$10,000 · Decrease in Merchandise Inventory=$14,000 · Decrease in Long Term Notes Payable=$20,000 · Cash Paid to Purchase Land=$50,000 · Cash Paid to Purchase Equipment=$15,000 · Cash Paid to Retire Bonds=$25,000 · Cash Paid to for Dividends=$10,000 · Cash Received from the Sale of common stock=$50,000 · Cash at the start of the year=$24,000 Part 2: Direct Method Using Excel and the below information please prepare the complete statement of cash flows using the direct method. Additional Information: · Cash Received from Customers=$80,000 · Cash Payments for Merchandise=$10,000 · Cash Payments for Operating Expenses=$5,000 · Cash payments for Interest=$6,000 · Cash Payments for Income Taxes=$3,000