Alex Corporation is planning this year to present comparative income statements but only the current year’s balance sheet. James Johnston, president of Alex Corporation requests your advice as to whether comparative cash flow statements for both the current and prior periods are necessary considering only the current year’s balance sheet is presented. Are there any authoritative pronouncements that address this issue that you could present to Mr. Johnston? Please prepare a client letter (no more than 2 pages long). Cite codifications (ASC 230-10-15-3), at least one journal article/publication on the topic and one other source look for Big Four accounting publications for guidance. Please make sure there is no plagiarism at all and don’t forget to provide the journal article source from the internet and provide the site “URL” with it. Also, don’t’ forget to cite codification ( FASB Accounting Standards Codification, ASC 230-10-15-3) from your own words. On the first paragraph, please state the facts.