ABC CO.. INC Income Statement For the year ended December 31 c5 $3,036,000 Cost of goods sold Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense $1,950,000 858,000 27,000 8,000 15,000 2 906,000 S 130,000 Total expenses Net income ABC CO., INC. Balance Sheet December 31 201 201 Assets Current assets 144,000 12poo $186,000 81,000 105,000 12,000 Accounts receivable 60,000 24.000 ventory Prepaid rent Long-terrn assets: investments 6,000co0o 240,000-10 0o a 210.000 270.000 (69,000) S900,000 210,000or $753,000 S 81,000 15,000 Accumulated depreciation Total assets Liabilities and Stockholders Equity Current liabilicies: Accounts payable Interest payable Income tax payable S 66,000 6,000 15,000 10,0004000 14,000 o00 225,000 .0000 300,000 123,000 1o5, coo Long-term liabilities 285,000 300,000 $900,000 Notes payable Stockholders' equity Common stock Retained earnings S753,0001 Total liabilities and stockholders' equity Additional information for 2015 The company purchased bonds for $105,000. Sold land costing $30,000 for only $22,000, resulting in an $8,000 loss on sale of land. Purchased $60,000 in equipment by borrowing $60,000 with a note payable due in three years. No cash was exchanged in the transaction. Declared and paid a cash dividend of $25,000. 1. 2. 3. 4. INSTRUCTIONS: Prepare the statement of cash flows (using the indirect method) as well as a related noncash schedule if necessary