1. Prepare a statement of cash flows for the year ending December 31, 2012 (15 marks) Johnston Enterprises Balance Sheet and income Statement Data December 31, December 31, 2012 2011 Current Assets: Cash $163,000 $119,000 Accounts Receivable 228,000 306,000 Inventory 391.000 340,000 Total Current Assets 782,000 765,000 Property, Plant, and Equipment 1,241,000 1,122,000 Less: Accumulated Depreciation 1476.000) (442.000 Total Assets $1.547.000 $1.445.000 Current Liabilities: Accounts Payable $177,000 $102,000 Notes Payable 51,000 68,000 Income Tax Payable 85.000 76,500 Total Current Liabilities 313,000 246,500 350.000 663,000 391,000 637,500 Bonds Payable Total Liabilities Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities & Stockholders' Equity 510,000 374.000 884,000 $1.547.000 467,500 340,000 807,500 $1,445,000 $1,513,000 731,000 782,000 1,615,000 731.000 884,000 Sales Less Cost of Goods Sold Gross Profit Expenses Depreciation Expense Salary Expense Interest Expense Loss on Sale of Equipment Income Before Taxes Less Income Tax Expense Net Income 153,000 391,000 34,000 12,000 294,000 118.000 $176,000 136,000 357,000 34,000 O 255,000 102.000 $153,000 Additional Information: During the year, Johnston sold equipment with an original cost of $153,000 and accumulated depreciation of $119,000 and purchased new equipment for $272,000. 1 Add file