2018 2017 $ QUASI INC. Comparative Balance Sheet December 31 2019 Assets Cash $ 60,000 Prepaid Expenses 71,000 Accounts receivable 60,000 Inventory 155,000 Long-term investment 135,000 Property, plant and equipment (net) 159,000 Total Assets $ 640,000 15,000 50,000 40,000 130,000 135,000 180,000 550,000 75,000 35,000 25,000 110,000 210,000 $ 455,000 $ $ $ 62,000 Liabilities and shareholders' equity Accounts payable Short-term notes payable Bonds payable Common shares (400,000 shares outstanding) Retained earnings Total liabilities and shareholders' equity 100,000 40,000 128,000 158,000 214,000 640,000 60,000 40,000 160,000 140,000 150,000 550,000 160,000 145,000 88,000 455,000 $ $ $ QUASI INC. Income Statement Years Ended December 31 2019 2018 $ 415,000 $ 335,000 Net sales Expenses Cost of goods sold Depreciation expense Operating expenses Total expenses Income from operations 195,000 34,000 50,000 279,000 136,000 175,000 40,000 45,000 260,000 75,000 32,000 Other items Interest expense Gain from sale of land Total Income before income taxes 24,000 15,000 9,000 127,000 32,000 43,000 30,000 97,000 20,000 23,000 $ $ Income tax expense Net income Additional information for the year ended December 31, 2019: a. Quasi acquired manufacturing equipment of $37,000 during the year and sold some other equipment for proceeds equal to net book value during the year. b. Quasi received cash of $30,000 from the sale of land. Land is included in Property, plant and equipment. c. Quasi declared and completed a stock dividend. Quasi also declared and paid a cash dividend of $15,000 during 2019. d. Quasi redeemed $32,000 of bonds during 2019. The bonds were originally issued at par. . During 2019, Quasi renewed the short-term note payable for another year at the same amount. f. No common shares were issued or redeemed during the year. REQUIRED: Prepare a Statement of Cash Flows for the year ended December 31, 2019 in good form using the indirect method