Cash Accounts receivable, net Inventory Land Building Noella Company Comparative Balance Sheet December 31 2019 2018 $ 43,000 $ 24,000 35,000 38,000 114,000 82,000 120,000 190,000 200,000 200,000 (50,000) (40,000) 1,180,000 600,000 Accumulated depreciation, Building Equipment Accumulated depreciation, Equipment Accounts payable Bonds payable Common shares Retained earnings (178,000) (94,000) $1,464,000 $1,000,000 $ 115,000 $ 100,000 320,000 750,000 -0- 750,000 279,000 150,000 $1,464,000 $1,000,000 Additional Data for 2019: 1. Net income for the year amounted to $164,000. 2. 3. 4. Depreciation has been recorded during the year and reflected in the Accumulated Depreciation accounts. The only sale of long term assets involved the sale of a piece of land no longer required, for cash proceeds of $140,000. There was a gain on sale of land recorded on the income statement equal to $10,000. Dividends were paid during the year. Instructions Prepare a Statement of Cash Flows for Noella Co. for 2019 using the indirect method. NOTE: If you would like to use the T-Account approach to analyze the numbers, I have provided T-Accounts on the next page.