4 The comparative balance sheets and income statements for Gibson Company follow. 75 Dints Assets Cash Accounts receivable Inventory Equipment Balance Sheets As of December 31 Year 2 Year 1 $ 25,042 1,620 6,483 21,792 (9,826) 18,906 $ 2,722 972 6,078 43,052 (16,972) 11,986 $ 47,838 eBook Accumulated depreciation-equipment Land Total assets Print $ 64,017 Liabilities and equity Accounts payable (inventory) Long-term debt $ 2,561 $ 4,138 2,745 6,274 Common stock Retained earnings 18,700 8,000 40,011 29,426 ferences Total liabilities and equity Income Statement For the Year Ended December 31, Sales revenue Cost of goods sold Gross margin Depreciation expense Operating income Gain on sale of equipment Loss on disposal of land Net income Year 2 $ 39,180 (15,529) 23,651 (3,001) 20,650 600 (80) $ 21,170 $ 64,017. $ 47,838 Additional Data 1. During Year 2, the company sold equipment for $18,553; it had originally cost $28,100. Accumulated depreciation on this equipment was $10,147 at the time of the sale. Also, the company purchased equipment for $6,840 cash. 2. The company sold land that had cost $3,780. This land was sold for $3,700, resulting in the recognition of a $80 loss. Also, common stock was issued in exchange for title to land that was valued at $10,700 at the time of exchange. 3. Paid dividends of $10,585. Required Prepare a statement of cash flows using the indirect method. (Amounts to be deducted and cash outflows should be indicated by a