A C Sol Corporation 1 Income Statement 2 For the year ended Dec. 31 2019 3 4 5 Sales 6 Cost of Goods sold 2 487 000 1 780 000 7 Gross Profit 707 000 8 Operatng expenses 9 Depreciation expense 492 000 24 000 Income from operarion 10 191 000 11 Other income and expense 12 Interest expense 13 000 Gain on sales of investment 13 34 000 14 Net Income 212 000 SolCorporation 16 Income Statement 17 As of December 31 18 19 2019 2018 20 Current Assets Cash 21 73 000 120 000 22 Accounts receivable 23 Inventory 24 Prepaid expenses 25 Non-Current Assets 26 Investment 27 Equipment 28 Less: Accumulated Depreciarion 29 Land 156 000 142 000 89 000 110 000 24 000 32 000 130 000 502 000 414 000 -97 000 -73 000 200 000 0 Total Assets 875 000 30 947 000 31 32 Current Liabilities Accounts payable 45 000 33 54 000 34 Wages payable 36 000 24 000 Other accrued expenses 35 42 000 37 000 36 Non-Current Liabilites 37 Long term note payable 250 000 38 Total Liabilities 123 000 365 000 39 40 Share Capital Ordinary 41 Retained earnings 500 000 350 000 324 000 160 000 Total equity 42 824 000 510 000 43 44 Total Liabilities and Equity 875 000 947 000 45 46 47 Other Information 48 1. Investment was sold at $164,000 with $34,000 gain 49 2. Long term note payable was redeemed on the due date 50 3. Annual depreciation on equipment was $24,000 51 4. Land was acquired by paying $200,000 cash 52 5. New equipment was purchased with cash $88,000 53 6. New shares were issued at $150,000 cash 54 7. Cash dividends of $48,000 was paid on December 15 55 56 Please prepare cash flow statement fdr 2019. 57 58