7. Prepare the SOCF (Statement of Cash Flow) for the following entity Exclude title): Net sales $3,636,000 Expenses: Additional Cost of goods sold $2,450,000 958,000 37,000 9,000 20,000 58.000 Information for 2018: Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses Net income 3.532.000 S 104.000 Assets Current assets Cash Accounts receivable Inventory Prepaid rent $ 254,600 $227,800 92,000 70,000 105,000 145,000 14,400 7.200 Long-term assets: 0 220,000 260,000 290,000 220,000 (81.000) (44.000) 1.010.000 $886.000 115,000 Land Equipment Accumulated depreciation Total assets Current labilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings $ 75,000 $ 91,000 7,000 12,000 6,00015,000 305,000 235,000 400,000 400,000 207.000 133.000 $886.000 Total liabilities and stockholders' equity S1.010.000 1. Purchase investment in bonds for $115,000 2. Sell land costing $40,000 for only $31,000, resulting in a $9,000 loss on sale of land. 3. Purchase $70,000 in equipment by borrowing $70,000 with a note payable due in three years. No cash is exchanged in the transaction. 4. Declare and pay a cash dividend of $30,000