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.

PLASMA SCREENS CORPORATION Balance Sheets December 31, 2018 and 2017 2018 2017 Assets Current assets: 108,900 126,800 Cash Accounts receivable 82,000 97,000 Inventory 105,000 89,000 Prepaid rent 6,000 3,000 Long-term assets 530,000 530,000 830,000 720,000 Land Equipment Accumulated depreciation (438,000) (288,000) 1,223,900 1,277,800 Total assets Liabilities and Stockholders' Equity: Current liabilities: Accounts payable 109,000 94,000 Interest payable 6,900 13,800 Income tax payable 6,000 0,000 Long-term liabilities: 230,000 Notes payable 115,000 Stockholders' equity: Common stock 750,000 750,000 233,000 184,000 Retained earnings 1,223,900 1,277,800 Total liabilities and stockholders' equity