Balance Sheet As of 240,000 125,000 Accounts receivable Invent Prepaid Insurance 50,000 Long term investments Land, buildings and 100,000 1,30s,ooo ipment Accumulated depreciation Total Assets 1,495,000 Liabilities and equity: Accounts payable Salaries payable Notes payable Bonds payable Common stock 250,000 280,000 10,000 50,000 50,000 150,000 630,000 140,000 600,000 Paid-ina capitar in excess of 50,00 Treasury stock Retained earnings (35,000) 300,000 (185,000)( 420,000 Total liabilities and equityS 1,275,000 1,495,000 Additional Information: 1. Equipment costing $40,000 with a book value of $15,000 was sold for $25,000 2. Purchased new equipment valued at $120,000 by issuing 3,o00 com mon shares (par $10) at the beginning of the year. ed 5,000 shares of its own stock (par value $10) at a price of $30 per share in the middle of the year. The purchase was treated as treasury stock. 4. Net Income was $160,000. Required Prepare a statement of cash flows, in proper form, using the indirect method f 2016. You may have to solve for some unknown it statement. Prepare on next page. ems in order to complete the