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ASSIGNMENT RESOURCES AC XII Condensed financial data of Cheng Inc. follow. CHENG INC Balance Sheets Assets 2017 2016 Cash Revieww oblective 99,000 $47,000 91,000 111,000 101,000 32,000 Inventory Prepaid expenses Investments 25,000 113,000 29,000 139,000 269,000 241,000 (46,000) (51,000) Accumulated depreciation-equipment Total $692.000 $508,000 Liabilities and Stockholders E Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings 111,000 $67,000 17,000 149,000 219,000 174,000 101,000 $692,000 S508,000 16,000 110,000 236,000 Total For the Year Ended December 31, 2017 Sales revenue $391,000 Less Cost of goods sold Operating expenses, excluding depreciation Depreciation expense Income tax expense Interest expense Loss on disposal of plant assets $134,000 11,000 38,300 26,000 4,000 6,500 219,800 $171.200 Nct income Additional information: 1 New equipment costing $79,000 were purchased for cash during the year 2. Old equipment having an original cost of $51,000 was sold for $1,200 cash. 3. Bonds matured and were paid off at face value for cash. 4. A cash dividend of $36,200 was dedlared and paid during the year Further analysis reveals that accounts payable pertain to merchandise creditors. Prepare a statement of cash flows for Cheng Inc. using the direct method. (Show a CHENG INC Statement of Cash Flows