Requireda. Prepare a worksheet for the preparation of a statement of cash flows

Requireda. Prepare a worksheet for the preparation of a statement of cash flows for Flight Training Corporation for each of the years ending December 31 Year 2 through Year 4. Follow the format of Exhibit 3.13 in the text. Notes to the financial statements indicate the following:(1) The firm did not sell any aircraft during the three-year period.(2) Changes in other noncurrent assets are investing transactions.(3) Changes in deferred income taxes are operating transactions.(4) Changes in other noncurrent liabilities and treasury stock are financing transactions.(5) The firm violated covenants in its borrowing agreements during Year 4. Therefore the lenders can require Flight Training Corporation to repay its long-term debt immediately. Although the banks have not yet demanded payment the firm reclassified its long-term debt as a current liability.b. Prepare a comparative statement of cash flows for Flight Training Corporation for each of the years ending December 31 Year 2 through Year 4.c. Comment on the relation between net income and cash flow from operations and the pattern of cash flows from operating investing and financing activities for each of the three years.d. Describe the likely reasons for the cash flow difficulties of Flight Training Corporation.

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