$17-7 Prepare the operating section of Preston Media Corporation's 2020 cash flow statement using the indirect method. Use the comparative balance sheet provided and the following selected fiscal 2020 income statement information: Net income, $19,000 Amortization expense, $11,000 Assets PRESTON MEDIA CORPORATION Balance Sheet March 31, 2020 and 2019 2020 2019 Current assets Cash $ 5,000 $ 3,900 Accounts receivable 9,600 5,100 Company vehicle 105,350 84,350 Less: Accumulated amortization-company vehicle 29,350 18,350 Total assets $90,600 $75,000 Liabilities Current liabilities Accounts payable $8,000 $ 4,500 Long-term liabilities Notes payable Total liabilities Shareholders' Equity 9,000 12,000 17,000 16,500 Common shares 27,000 23,000 Retained earnings 46,600 35,500 Total shareholders' equity 73,600 58,500 Total liabilities and shareholders' equity $90,600 $75,000