Comparative balance sheet accounts of Jensen Company are presented below. Jensen Company Comparative Balance Sheet Accounts As of December 3 Cash Accounts Receivable $80,000 145,000 75,000 55,000 70,000 145,000 $51,000 130,000 61,000 85,000 48,000 145,000 Buildings Land Totals Credit Balansos Allowance for Doubtful Accounts $10,000 21,000 37.000 70,000 12,000 S 8,000 14,000 28,000 60,000 10,000 0,000 260,000 95,000 Accounts Payable Income Taxes Payable Long.Tem Notes Payable Common Stock Retained Earnings 310,000 8,000 Totals Additional data 1. Equipment that cost $10,000 and was 40% depreciated was sold in 2017. 2. Cash dividends were declared and paid during the year. . Common stock was issued in exchange for land. Investments that cost $35,000 were sold during the year There were no write-offs of uncollectible accounts during the year. Jensen's 2017 income statement is as follows Sales Less: Cost of goods sold Gross proft Less: Operating expenses (includes dep. exp. and bad debt exp.) Income from operations Other revenues and expenses $950,000 600,000 350,000 250,000 100,000 $15,000 3.000) Gain on sale of investments Loss on sale of equipment Income before taxcs Income taxes Net income 12.000 112,000 45,000 (1) Prepare a statement of cash flows using the indirect method. (2) Prepare the operating activity section of the statement of cash flows using direct method Hint: When land was purchased through issuance of common stock, the company had a non-cash transaction. You should not include $15,000 cash outflows in the investing activities nor $15,000 cash inflows in financing activities. However, you need to addnote at the end of.the statement of cash flows as follows: Purchase of land through issuance of common stock