12. Statement of cash flows (indirect method). The following information is taken from French Corporation's financial statements: December 31 Cash Accounts receivable Allowance for doubtful accounts Inventory Prepaid expenses Land Buildings Accumulated depreciation Patents $63,000 102,000 (4,500) 160,000 7,500 100,000 294,000 (32,000) 2017 S 27,000 80,000 (3,100) 175,000 6,800 60,000 244,000 (13,000) $710,000 $611,700 Accounts payable Accrued liabilities Bonds payable Common stock Retained earnings- appropriated Retained earnings-unappropriated Treasury stock, at cost $ 90,000 54,000 125,000 100,000 80,000 276,000 (15000) $710,000 S 84,000 63,000 60,000 100,000 10,000 302,700 $611,700 For 2018 Year Net income Depreciation expense Amortization of patents Cash dividends declared and paid Gain or loss on sale of patents $78,300 19,000 5,000 35,000 none Instructions Prepare a statement of cash flows for French Corporation for the year 2018. (Use the indirect method.)