Ehrens Corporation

Balance Sheet

December $31,2023$ and $2022$

Sales $240,000$$

Cost of goods sold $80,900$

Gross profit $159,100$

Operating expenses $77,400$

Income from operations $81,700$

Other income $($expense$)$

Interest expense $(2,000)$

Loss on sale of equipment $(8,400)$

Total other $($expense$)(10,400)$

Income before taxes $71,300$

Income tax expense $(27,650)$

Net income $43,650$$

Additional information:

$1.$ There was no gain or loss on the sales of the long$-$term investments, nor on the bonds retired.

$2.$ Old equipment with an original cost of $$37,550$ was sold for $$2,100$ cash

Prepare a complete statement of cash flows for the year end $2023$ using the indirect method.

Ehrens Corporation

Income Statement