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ASSIGNMENT RESOURCES AC XII Condensed financial data of Cheng Inc. follow. CHENG INC Balance Sheets Assets Cash Accounts receivable Inventory Prepaid expenses 2017 2016 $118,000 $47,800 32,200 113,000 102,900 26,000 141,000 113,500 265,700 241,600 Review Score 91,600 Obiective 29.400 (46,000) (51.400) Total 712,700 $512,600 Liabilities and Stockholders E Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings $111,300 S67.900 17.000 110,700 149,500 219,500 174,200 255,100 104,000 $712,700 $512,600 16,100 Total Income Statement For the Year Ended December 31, 2017 Sales revenue Less: $391,900 $135,900 11,600 29,500 26,300 4,400 Cost of goods sold Depreciation expense Income tax expense Interest expense Loss on disposal of plant assets 7,500 215,200 $176,700 Net income 1. New equipment costing $79,400 were purchased for cash during the year 2. Old equipment having an original cost of $55,300 was sold for $12,900 cash 3. Bonds matured and were paid off at face value for cash. 4. A cash dividend of $25,600 was declared and paid during the year Prepare a statement of cash flows using the indirect method. (Show amounts that CHENG INC Statement of Cash Flows