Comparative balance sheet accounts of Jensen Company are presented below. JENSEN COMPANY COMPARATIVE BALANCE SHEET ACCOUNTS AS OF DECEMBER 31 Debit Balances 2019 Equipment 70,000 Buildings 145.000 Land 40.000 Investments (Non-Trading 55.000 Cash $ 80,000 Accounts Receivable 145,000 Merchandise Inventory 75.000 Totals $610.000 Credit Balances Share Capital 310.000 Retained Earnings 88.000 Long-Term Notes Payable 62.000 Allowance for Doubtful Accounts $ 10,000 Accumulated Depreciation Equipment 21.000 Accumulated Depreciation--Building 37.000 Accounts Payable 70,000 Income Tacos Payable 12.000 Totals $610.000 2018 48.000 145.000 25.000 85.000 $ 51.000 130,000 61.000 $545.000 260,000 95.000 70.000 $ 8.000 14,000 28.000 60.000 10.000 $545.000 Additional data: 1. Equipment that cost $10,000 and was 40% depreciated was sold in 2019. 2. Cash dividends were declared and paid during the year 3. Ordinary shares were issued in exchange for land 4. Investments that cost $35.000 were sold during the year. 5. There were no write-offs of u funcollectible accounts during the year. Dr. KHALED SAMAHA PRD, M.SC. CPA - Intermediate Accounting - AUC-2019 2020 10 6. Jensen's 2019 income statement is as follows. Sales $950,000 Les Cost of goods sold (600.000 Gross profit 350,000 Less Operating expenses includes depreciation 50.000) expense and bad debt expense) Other reches and expenses Gainos sale of investments $15.000 Loss on sale of equipment (3.000) Income before taxes Income taxes 112,000 Income Tax expense 45.000 Net income S67.000 Required: Prepare a statement of cash flows for 2019 using the indirect method