Compartative Balance sheet for FRS Inc as of December 31st 2018 a. Net Income was $120,000 for 2018 b. Cash Dividend of $10,000 was declared and paid c. Common stock was issued at $16,000 in cash d. No equipment was sold during 2018, but land was sold at cost e. Prepare a statement of cash flows for 2018 using the indirect method 2017 2018 Variance TYPE ASSETS Cash Accounts Receivable Inventory Land Equipment Accum Dep - Equip TOTAL 130,000 25,000 65.000 420,000 316,000 (11,000) 945,000 164,000 15,000 83.000 400,000 341,000 (22,000) 981,000 LIABILITIES & STOCKHOLDERS EQUITY Accounts Payable 175,000 Bonds Payable 400,000 Common Stock ($1 par) 200,000 Retained Earnings 170,000 TOTAL 945,000 160,000 325,000 216,000 280,000 981,000 Net Income Cash Dividends 120,000 10,000 NET INCOME OPERATING ACTIVITIES 120,000 Net Cash provided by Operating INVESTING ACTIVITIES Net Cash used by Investing FINANCING ACTIVITIES Net Cash used by Financing NET INCREASE IN CASH