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1. On December 31, 2013, Sullivan acquired 25% of Myers Co.'s common stock for $274,250. On that date, the carrying value of Myers's assets and liabilities, which approximated their fair values, was $1,097,000. Myers reported income of $141,160 for the year ended December 31, 2014. No dividend was paid on Myers's common stock during the year. 2. During 2014, Sullivan loaned $299,970 to TLC Co., an unrelated company. TLC made the first semiannual principal repayment of $49,850, plus interest at 10%, on December 31, 2014. 3. On January 2, 2014, Sullivan sold equipment costing $59,580, with a carrying amount of $36,670, for $40,030 cash. 4. On December 31, 2014, Sullivan entered into a capital lease for an office building. The present value of the annual rental payments is $399,550, which equals the fair value of the building. Sullivan made the first rental payment of $60,400 when due on January 2, 2015. 5. Net income for 2014 was $367,980. 6. Sullivan declared and paid cash dividends for 2014 and 2013 as shown below. Declared Paid Amount 2014 December 15, 2014 February 28, 2015 $80,960 2013 December 15, 2013 February 28, 2014 $100,200 Prepare a statement of cash flows for Sullivan Corp. for the year ended December 31, 2014, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. - 15,000 or in parenthesis e.g. (15,000).) SULLIVAN CORP. Statement of Cash Flows For the Year Ended December 31, 2014 Cash Flows from Operating Activities L 367,980 Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities Loan to TLC Co. Principal Payment of Loan Receivable Net Cash Used by Investing Activities Cash Flows from Financing Activities | Dividends Paid Net Cash Used by Financing Activities Net Increase in Cash Cash, January 1, 2014 Cash, December 31, 2014 Noncash Investing and Financing Activities 2 | Issuance of Capital Lease Liability for Office Building Click if you would like to Show Work for this question: Open Show Work