39 4 pts K Corporation, a merchandiser, recently completed its calendar year 2019 operations. The company's income statement and balaneet follow: Assets Cash K CORPORATION 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 0 112,120 152,230 327,450 255.860 Equipment Land 152,230 0 Equipment 327 450 255.860 Accum. depreciation-Equipment (76.660) (68.990) Total assets $1,097,480 $958,260 Liabilities and Equity Accounts payable $198,220 $188,780 Salaries payable 30.660 33.530 Total liabilities Equity 228,880 222,310 Common stock, $5 par value 59,450 46,950 Paid-in capital in excess of par, common 222,320 130,320 stock Retained earnings 586.830 558.680 Total liabilities and equity $1,097,480 $958,260 Canvas Now Tab X K CORPORATION Now Tab CIS EXTRA CELICIOUS hand scoa al Hass ev chunky-yet- xtracordinac we s ashedterpl Income Statement For Year Ended December 31, 2019 Sales $1.569.560 Cost of goods sold Gross profit 646300 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 flows provided (used) by investing activities in 2019 are