Assignment #1 Given the following comparative Balance sheet and condensed Income Statement for Upstream Corporation, prepare a statement of cash flows for 2019 for Upstream Corporation using the indirect method. Upstream Corporation Comparative Balance Sheet December 31, 2019 and 2018 Assets 2019 2018 Cash and Cash Equivalents $518,500 $675,000 Accounts Receivable $360,000 $345,000 Inventory $750,000 $654,000 Prepaid Insurance $4,500 $6,000 Equipment $5,515,500 $4,350,000 Accumulated Depreciation - Equipment ($2,235,000) ($1,995,000) Total Assets $4,913,500 $4,035,000 Liabilities and Stockholders Equity Accounts Payable $613,500 $945,000 Salaries Payable $75,000 $105,000 Notes Payable (Current) $150,000 $600,000 Notes Payable (Long Term) $1,500,000 $0 Common Stok $2,400,000 $2,400,000 Retained Earnings $175,000 ($15,000) Total liabilities and Stockholders equity $4,913,500 $4,035,000 Upstream Corporation Condensed Income Statement For the Year Ended December 31, 2019 Sales $1,650,000 Cost of goods sold $948,000 Gross Profit $702,000 Operating Expenses Depreciation Expense $55,000 General Expenses $340,000 Interest Expense $12,000 Income Tax Expense $15,000 $422,000 Net Income $280,000 The following information was discovered from Upstream Corporation (a) Cashto purchase new Equipment was raised from a long-term note from the bank. (b) Equipment with an initi al cost of $75,000 and a book value of $15,000 was sold for cash of $18,000. The gain was included in net income. (c) Cash dividends were paid during the year in the amount of $90,000. Upstream Corporation Statement of Cash Flows (Indirect Method) For the Year Ended December 31, 2019 Cash flows from operating activities: Net Income Adjustments Net Cash Provided by operating activities Cash flowsfrom investing activities _ Net Cash Provided by investing activities Cash flows from financing activities Net Cash Provided by financing activities Net increase (decrease) in cash and cash equivalents Cash and cash equivalents a beginning of the year Cash and cash equivalents at the end of the year $675,000