2019 2018 S s Current Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets 2.000 75.000 220,000 9.000 306.000 1.000 58.000 235.000 7.000 301.000 Plant assets Accumulated depreciation - plant assets Total assets 600,000 (150.000) 756,000 502.000 (125.000) 678.000 123,000 Current Liabilities Accounts payable Interest payable Total current liabilities 28.000 125.000 25.000 150.000 151,000 Bonds payable Total Liabilities 90,000 241,000 128,000 278,000 280.000 Shareholders' equity Common stock, S10 par Retained Earnings Total stockholders' equity 370.000 145,000 515.000 120.000 400.000 Total liabilities and stockholders' equity 756,000 678.000 Spartan Company Income Statement For the Year Ended December 31, 2019 Sales Revenue Cost of goods sold Gross profit 1,255,250 722.000 533.250 Expenses Selling, general, and administrative expense Interest expense Depreciation expense 260.250 75.000 25.000 360.250 Total expense Operating income Income tax expense 173,000 43.000 Net Income 130,000 The following is additional information concerning Spartan's transactions during the year ended December 31, 2019. 1. All sales were made on account. 2. All merchandise was purchased on account, comprising the total accounts payable account. 3. Plant assets costing $98,000 were purchased by paying $28,000 in cash and issuing 7,000 shares of stock. 4. Some selling, general, and administrative expenses were prepaid. 5. All income taxes incurred during the year were paid during the year. 6. To supplement its cash needs, Spartan issued 2,000 shares of common stock at par value. 7. Cash dividends of $105,000 were declared and paid at the end of the fiscal year. Required: Prepare the 2019 Statement of Cash Flows for Spartan using both the direct and indirect methods