Below are the condensed balance sheet and income statement for the Beltway Company, Inc. Assuming there were no disposals of fixed assets during the year 2018, provide a statement of cash flows using the indirect method for the year ended December 31, 2018. (25%)

Condensed balance sheet December 31, 2018

	2017	2018
Assets:
Current assets
Cash	$8	$15
Accounts receivable	53	58
Inventory	52	40
Prepaid insurance	5	3
Property plant and equipment	$140	$150
Accumulated depreciation	(45)	(55)
Net PP&E	95	95
Total assets	$213	$211
Liabilities:
Accounts payable	$35	$21
Wages payable	12	16
Interest payable	5	2
Taxes payable	3	4
Long-term debt	92	92
Equity:
Common stock	50	50
Retained earnings	16	26
Total liabilities and equity	$213	$211

Condensed income statement for year ended December 31, 2018

Sales	$480
COGS	328
Operating expenses:
Wages	103
Utilities	11
Insurance	3
Depreciation	10
Operating income	25
Interest	12
Income before tax	13
Tax	3
Net income	$10