Cash Oriole Company has recently decided to go public and has hired you as an independent CPA. One statement that the enterprise is anxious to have prepared is a statement of cash flows. Financial statements of Oriole Company for 2019 and 2018 are provided below. BALANCE SHEETS 12/31/19 12/31/18 $409000 $ 193000 Accounts receivable 361000 217000 Inventory 38000 482000 Property, plant and equipment $606000 $960000 Less accumulated depreciation (320000) 286000 (305000) 655000 $1441000 $1547000 Accounts payable Income taxes payable Bonds payable Common stock Retained earnings $ 178000 354000 361000 218000 330000 $1641000 $98000 391000 598000 218000 242000 $1547000 $8400000 7151000 1249000 INCOME STATEMENT For the Year Ended December 31, 2019 Sales revenue Cost of sales Gross profit Selling expenses $599000 Administrative expenses 193000 Income from operations Interest expense Income before taxes Income taxes 792000 457000 73000 384000 98000 $ 286000 Net income $599000 193000 Seling expenses Administrative expenses Income from operations Interest expense Income before taxes Income taxes 792000 457000 73000 384000 98000 $ 286000 Net Income The following additional data were provided: 1. Dividends for the year 2019 were $190000. 2. During the yea, equipment was sold for $242000. This equipment cost $352 cost of sales 3. Al depreciation expense is in the selling expense category. had a book value of $286000 at the time of sale. The loss on sale was incorrectly charged to Under the direct method, the cash received from customers is $8400000 $8256000 $8437000. $8544000