below are the financial statements of Newman CompanyNEWMAN COMPANYComparative Balance SheetsDecember $31$AssetsCashAccounts receivableMerchandise inventoryProperty, plant, and equipmentAccumulated depreciationTotalLiabilities and Stockholders' EquityAccounts payableIncome taxes payableBonds payableCommon stockRetained earningsTotal$2004$$ $31\mathrm{.}00018,00027,00080,000(30,000)$$$126,000$$ $29,0007\mathrm{.}00027\mathrm{.}00018,00045\mathrm{.}000$$$126\mathrm{.}0002003$$ $20\mathrm{.}00014,00020\mathrm{.}00078,000(24,000)$$$108\mathrm{.}000$$ $15\mathrm{.}0008,00033\mathrm{.}00014\mathrm{.}00038\mathrm{.}000$$$108\mathrm{.}000$NEWMAN COMPANYIncome StatementFor the Year Ended December $31,2004$SalesCost of goods soldGross profitSelling expensesAdministrative expensesIncome from operationsInterest expenseIncome before income taxesIncome tax expenseNet income$$18\mathrm{.}0006\mathrm{.}000$Instructions$($a$)$ Prepare a statement of cash flows using the indirect method.$$242\mathrm{.}000175\mathrm{.}00067\mathrm{.}00024\mathrm{.}00043\mathrm{.}0003\mathrm{.}00040\mathrm{.}0006\mathrm{.}000$$ $34\mathrm{.}000$