CHENG INC Comparative Balance Sheets December 31 Assets 2017 2016 CHENG INC Income Statement For the Year Ended December 31, 2017 Sales revenue $392,780 Less: S135,460 Cost of goods sold Operating expenses, excluding depreciation 12,410 Depreciation expense Income tax expense Interest expense Loss on disposal of plant assets 46,500 27,280 4,730 7,500 233,880 Net income $158,900 Additional information: 1.New equipment costing $85,000 was purchased for cash during the year. . 2.Old equipment having an original cost of $57,500 was sold for $1,500 cash. 3.Bonds matured and were paid off at face value for cash. 4.A cash dividend of $40,350 was declared and paid during the year. Instructions Prepare a statement of cash flows using the indirect method. Cash from operations $180,250 P17-10A Prepare a statement of cash flows-direct method