Balance Sheet Income Statement for the year ending 2018 Assets CASH ACCOUNT RECEIVABLES INVENTORY 2017 $ 40,00051,000 145,000 $122,000 $ 75,000 $ 61,000 $950,000 $600,000 350,000 Sales Less: COGS Gross Profit Less: Operating Expenses Included depreciation expense Income from Operations$102,000 $ 50,000$ 85,000 S 75,000 25,000 145,000 $145,000 (37,000) S (28,000) S 70,000 48,000 248,000 NVESTMENTS LAND BUILDINGS ACCUMULATED DEPRECIATION-BUILDINGS EQUIPMENT ACCUMULATED DEPRECIATION- EQUIPMENT Other Revenue and Expense:s Gain on sale Loss on sale of equipment Income before Taxes Income Tax Net Income $ 15,000 $ (3,000) $114,000 $ 45,000 $ 69,000 TOTAL ASSETS 542,000 $495,000 LIABILITIES ACCOUNT PAYABLE LONG-TERM NOTES PAYABLE COMMON STOCK RETAINED EARNINGS TOTAL LIABILITIES $ 78,000 $ 70,000 S 62,000 70,000 310,000 $260,000 $ 92,000 $ 95,000 542,000 $495,000 Please Prepare a statement of Cash Flow utilizing the Indirect Method ADDITIONAL INFORMATION Equipment that cost $10,000 and was 60% depreciated was sold Common stock was issued for land Investments that originally cost $35,000 were sold this year