AP-121 reakwater Boats sells boati sells boating accessories. At the end of 2019, the income statement and comparative sheet were prepared as shown below. balance sheet w Breakwater Boats Balance Sheet As at December 31 2019 2018 $73,870 94,800 327,000 14,500 510,170 $62,500 87,500 245,700 14,500 410,200 Assets Current Assets Cash Accounts Receivable Merchandise Inventory Prepaid Expenses Total Current Assets Noncurrent Assets) Land Equipment Accumulated Depreciation Total Noncurrent Assets Total Assets 340,000 (26,200) 44,000 340,000 (24,500) 359,500 $769,700 313,800 $823,970 $45,700 Liabilities Current Liabilities Accounts Payable Notes Payable, Current Portion Total Current Liabilities Notes Payable, Long-Term Portion Total Liabilities $52,600 8,500 61,100 50,100 111,200 8,500 54,200 58,600 112,800 150,000 562,770 712,770 150,000 506,900 656,900 $769,700 Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders $823,970 Id for a gain of $6,000. There was no purchase of equipment During 2019, land was sold for a go throughout the year. The Statement of $562,000 365,300 196,700 Breakwater Boats Income Statement For the Year Ended December 31, 2019 Sales Cost of Goods Sold Gross Profit Operating Expenses Depreciation Expense Other Operating Expenses Total Operating Expenses Income from Operations Other Income and Expenses Gain on Sale of Land Income before Income Tax Expense Income Tax Expense Net Income 1,700 61,200 62,900 133,800 6,000 139,800 48,930 $90,870 Required a) Prepare the statement of cash flows using the indirect method