543 CHAPTER 11 Statement of Cash Flows E11-10 The balance sheets for Plasma Screens Corporation, along with additional information, Prepare a statement are provided below: of cash flows-indirect method (L011-2, 11-3) PLASMA SCREENS CORPORATION Balance Sheets December 31, 2018 and 2017 2018 2017 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent s 108,90o $ 126,800 97,000 89,000 3,000 82,000 105,000 6,000 Long-term assets: Land Equipment Accumulated depreciation 530,000 720,000 438,000) (288,000) $1,223,900 $1,277,800 530,000 830,000 Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable $ 109,000 $ 94,000 13,800 6,000 6,900 10,000 115,000 750,000 Long-term liabilities: Notes payable 230,000 Stockholders' equity: Common stock Retained earnings 750,000 184,000 $1,223,900 $1,277,800 233,000 Total liabilities and stockholders' equity Additional Information for 2018 1. Net income is $79,000. 2. The company purchases $110,000 in equipment 3. Depreciation expense is $150,000. 4. The company repays $115,000 in notes payable. 5. The company declares and pays a cash dividend of $30,000 Required Prepare the statement of cash flows using the indirect method