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Accountants for Elwin, Inc. have assembled the following data for the year ended December $31,2024$:Click the icon to view the current accounts.$)$EE $($Click the icon to view the transaction data.$)$Prepare Elwin's statement of cash flows using the indirect method. Include an accompanying schedule of non$-$cash investing and financing activities.Complete the statement one section at a time, beginning with the cash flows from operating activities. $($Use a minus sign or parentheses for amounts that result in a decrease in cash. If a box is not used in the statement, leave the box empty; do not select a label or enter a zero.$)$Elwin$,$ Inc.Statement of Cash FlowsYear Ended December $31,2024$Cash Flows from Operating Activities:Net IncomeAdjustments to Reconcile Net Income to Net CashProvided by $($Used for$)$ Operating Activities:Net Cash Provided by $($Used for$)$ Operating ActivitiesCash Flows from Investing Activities:Net Cash Provided by $($Used for$)$ Investing ActivitiesCash Flows from Financing Activities: Net Cash Provided by $($Used for$)$ Financing ActivitiesNet Increase $($Decrease$)$ in CashCash Balance, December $31,2023$Cash Balance, December $31,2024$Non$-$cash Investing and Financing Activities:Total Non$-$cash Investing and Financing ActivitiesData table$20242023$Current Assets:Cash$90,600$ $$26,000$Accounts Receivable$64,30069,200$Merchandise Inventory$85,00084,000$Current Liabilities:Accounts Payable$58,10055,400$Income Tax Payable$14,70016,600$Transaction Data for $2024$:Issuance of common stock for cash$42,000$Payment of notes payableDepreciation expense$23\mathrm{.}000$Payment of cash dividendsPurchase of equipment with cash$73,000$Issuance of notes payable to borrow cashAcquisition of land by issuing long$-$term notes payable$118,000$Gain on sale of buildingBook value of building sold$50,000$Net income$ $51,10051\mathrm{.}00057,0005,50063\mathrm{.}000$

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