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BLOSSOM, INC Statement of Financial Position December 31 BLOSSOM, INC. Income Statement Year Ended December 31, 2018 Sales Cost of goods sold Gross profit Operating expenses Income from operations $560,750186,600374,150116,440257,710 Other revenues and expenses Unrealized gain on held for trading investments $7,000 Interest expense Income before income tax Income tax expense Net income \begin{tabular}{rr} 25,210(4,790) \\ 4216,92043,920 \\ \hline \end{tabular} Additional information: 1. Prepaid expenses and accrued liabilities relate to operating expenses. 2. An unrealized gain on held for trading investments of $7,000 was recorded. 3. New equipment costing $89,000 was purchased for $22,900 cash and a $66,100 long-term bank loan payable. 4. Old equipment having an original cost of $58,500 was sold for $1,800. 5. Accounts payable relate to merchandise creditors. 6. Some of the bank loan was repaid during the year. 7. A dividend was paid during the year. 8. Operating expenses include $47,000 of depreciation expense and a $6,600 loss on disposal of equipment. Prepare the statement of cash flows, using the direct method. (Show amounts that decrease cosh flow with either a sign eg. - 15,000 or in by paying $22,900 cash and issuing a $66,100 bank loan payable