21 4 pts K. Corporation, a merchandiser, recently completed its calendar year 2019 operations. The company's income statement and balance sheet follow. K CORPORATION Assets Cash Comparative Balance Sheets December 31, 2019 and 2018 2019 2018 $292,540 $272.150 Accounts receivable 105.130 97.740 Inventory 296.790 289,380 Total current assets. 694,460 659,270 Investments Land 0 112,120 152.230 0 Equipment 327,450 255,860 Accum depreciation-Equipment (76.660) (68.990) Canvas X DB Total assets $1,097,480 $958.260 Liabilities and Equity counts payable $198.220 $188,780 Sales payable 30.660 XTR 33.530 HOU Total liabilities 228.880 222.310 Equity Common stock, $5 par value 59.450 46,950 Paid-in capital in excess of par, common 222,320 130,320 stock Retained earnings Total liabilities and equity K CORPORATION Income Statement 586.830 558.680 $1,097,480 $958,260 For Year Ended December 31, 2019 AC IS EXTRA DELICIOUS cut, hand com real Heit ur chunkyat Ameshediy Canvas 44x4 For Year Ended December 31, 2019 Sales Cost of goods sold Gross profit $1.569.560 646.300 923,260 Operating expenses Depreciation expense $7,670 Other expenses 815.130 822.800 Other gains (losses) Loss on sale of investment Income before taxes Income taxes expense Net income (30.270) 70,190 22.750 $47,440 Additional Information on Year 2019 Transactions 1. Equipment of $71,590 and land of $152, 230 were acquired for cash during the year. 2. There were no disposals of equipment during the year. 3. The investments were sold for $81,850 cash during the year. 4. The common stock issued during the year was issued for cash. 5. Declared and paid cash dividends of $19,290. The net cash flow provided (used) by operating activities for 2019 is