Balance Sheets As of December 31 Year 2 Year 1 Assets Cash $ 32,500 $ 16,300 Accounts receivable 4,750 2,800 Inventory 11,200 9,800 Equipment 45,000 52,000 Accumulated depreciation-equipment (17,800) (21,800) Land 28,000 12,000 Total assets $103,650 $ 71, 100 Liabilities and equity Accounts payable (inventory) 5 3,750 $ 4,900 Long-term debt 5,800 7,800 Common stock 47,000 25,000 Retained earnings 47,100 33,400 Total liabilities and equity $103,650 $ 71, 100 Income Statement For the Year Ended December 31, Year 2 Sales revenue $ 61,200 Cost of goods sold (24,500) Gross margin 36,700 Depreciation expense (12,000) Operating income 24,700 Gain on sale of equipment 1,500 Loss on disposal of land (100) Net income $ 26, 100Additional Data 1. During Year 2, the company sold equipment for $23,500; it had originally cost $30,000. Accumulated depreciation on this equipment was $16,000 at the time of the sale. 2. The company sold land that had cost $5,000, resulting in the recognition of a $100 loss. 3. Also, common stock was issued in exchange for title to land that was valued at $22,000 at the time of exchange. Required Prepare a statement of cash ows using the indirect method [don't forget the supplementary noncash actiyiijes shown alter the statement}