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Gary Smith and Debra Williams are examining the following summary of cash flows for Pronghorn...

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Accounting

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Gary Smith and Debra Williams are examining the following summary of cash flows for Pronghorn Company for the year ended January 31, 2025. Gary claims that this summary shows that Pronghorn had a superb first year, with cash increasing \$38,260. Debra replies that it was not a superb first year. Rather, she says, the year was an operating failure and that $38,260 is not the actual increase in cash. The cash balance at the beginning of the year was $140,850. Using the data provided, determine the net income/(loss) for the year ended January 31, 2025. Depreciation expense was $54,450. (Enter negative amounts using either a negative sign preceding the number es. 45 or parentheses e. 5 . (45).) Net income (loss) Prepare a statement of cash flows in proper form using the indirect method, The only noncash items in the income statement are depreciation and the gain from the sale of the investment. (Show amounts that decrease cash flow with either a5ign eg, 15,000 or in parenthesis e.s. (15,000)

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