help.

Condensed financial data of P Company appear below: P COMPANY Comparative Statements of Financial Position December 31 Assets Plant assets Accumulated depreciation Investments Prepaid expenses Inventories Accounts receivable Cash $315,000 $250,000 (65,000 (60,000) 75,000 25,000 132,000 53,000 90,000 19.000 120,000 85,000 Total $635,000 $510,000 Share capital-ordinary Retained eamings Bonds payable Accounts payable Accrued expenses payable $245,000 $170,000 81,000 160,000 75,000 138,000 130,000 93,000 Total S635.000 S510.000 P COMPANY Income Statement For the Year Ended December 31, 2017 $470,000 Sales revenue Less Cost of goods sold Operating expenses (excluding depreciation) Interest expense Depreciation expense Income taxes Loss on sale of plant asse $280,000 60,000 18,000 17,000 15,000 393.000 S 77.000 ts Net income Additional information 1. New plant assets costing $90,000 were purchased for cash in 2017 2. Old plant assets costing $25,000 were sold for $10,000 cash when book value was $13,000 3. Bonds with a face value of $30,000 were converted into $30,000 of ordinary shares 4. A cash dividend of $20,000 was declared and paid during the year 5. Accounts payable pertain to merchandise purchases Instructions Prepare a statement of cash flows for the year using the indirect method