Comparative balance sheets and an income statement for Standard Card Company are presented below. STANDARD CARD COMPANY Comparative Balance Sheets Homework I - due Dec. 31, 2008 Dec. 31, 2007 Assets Current assets Cash $164,000 $111,000 Accounts receivable 69,000 74,000 Inventories 210,000 110,000 Prepaid insurance 14,000 24,000 at beginning of Total current assets 457,000 319,000 Non-current assets Equipment 275,000 350,000 next Midday's Accumulated amortization (67,000) (75,000) Total non-current assets 208,000 275,000 Total assets $665,000 $594,000 classl Liabilities Current liabilities Accounts payable $ 86,000 $ 83,000 - in HARD COPY Interest payable 5,000 4,000 Unearned revenue 13,000 18,000 Total current liabilities 104,000 105,000 Long-term debt 100,000 150,000 Total liabilities 204,000 255,000 Shareholders' equity Common shares 200,000 115,000 Retained earnings 261,000 224,000 Total shareholders' equity 461,000 339,000 Total liabilities and shareholders' equity $665,000 $594,000 STANDARD CARD COMPANY Income Statement For the Year Ended December 31, 2008 Sales $ 197,000 Expenses Cost of goods sold $ 97,000 Insurance expense 10,000 Interest expense 11,000 Amortization expense 12,000 Loss on sale of equipment 13,000 Total expenses 143,000 Net income $ 54,000 Additional information: The loss on the sale of equipment occurred when, due to a technological change that rendered it obsolete, a relatively new machine costing $100,000 was sold when its accumulated amortization was $20,000. Required: Prepare a cash flow statement for the year ended December 31, 2008