1. Prepare the 2018 statement of cash flows, formatting operating activities by the indirect method. 2. How will what you learned in this problem help you evaluate an investment? Additionally, Granite Rock purchased land of $28,400 by financing it 100% with long-term notes payable during 2018. During the year, there were no sales of land, no retirements of stock, and no treasury stock transactions. A plant asset was disposed of for $0. The cost and accumulated depreciation of the disposed asset was $14,300. The plant acquisition was for cash. UU Granite Rock, Inc. Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 Assets $ 27,000 $ 26,300 79,900 15,200 25,100 91,600 Current Assets: Cash Accounts Receivable Merchandise Inventory Long-term Assets: Land Plant Assets Accumulated Depreciation-Plant Assets 35,400 122,920 (18,020) 273,500 $ 7,000 112,520 (17,820) 233,600 $ Total Assets (Used for) Liabilities Current Liabilities: Total Assets Liabilities Current Liabilities: Accounts Payable Accrued Liabilities Long-term Liabilities: 35,300 $ 28,900 30,200 30,000 73,000 102,000 Notes Payable 137,200 162,200 Total Liabilities StockhWiders' Equity Common Stock, no par Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ 88,400 47,900 64,600 6,800 136,300 for 71,400 233,600 273,500 $ er any Income Statement Year Ended December 31, 2018 Net Sales Revenue $ 442,000 207,200 Cost of Goods Sold Gross Profit 234,800 Operating Expenses: Salaries Expense 75,400 Depreciation Expense-Plant Assets 14,500M Other Operating Expenses 11,000 Total Operating Expenses 100,900 Operating Income 133,900 Other Income and (Expenses): Interest Revenue Interest Expense (21,300) 8,400 or) op Total Other Income and (Expenses) (12,900) ADELL any nu Print Done Total Other Income and (Expenses) Net Income Before Income Taxes 121,000 19,100 Income Tax Expense $ 101,900 Net Income