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The balance sheet for Plasma Screens Corporation, along with additional information, are provided below. PLASMA SCREENS CORPORATION Balance Sheets December 31, 2018 and 2017 2018 2017 Assets: Current assets: Cash $ 113,500 $ 125,600 Accounts receivable 78.800 93,000 Inventory 97,000 81,800 Prepaid rent 4,400 2,200 Long-term assets: Land 490,000 490,000 Equipment 798,000 680,000 Accumulated depreciation (430,000) (272,000) Total assets $ 1,151,700 $ 1,200,600 $ Liabilities and Stockholders' Equity: Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings 101,000 $ 6,300 8,400 86,800 12,600 5,200 105,000 210,000 710,000 221,000 710,000 176,000 Total liabilities and stockholders' equity $1,151,700 $1,200,600 Additional Information for 2018: 1. Net income is $71,000. 2. The company purchases $118,000 in equipment 3. Depreciation expense is $158,000. 4. The company repays $105,000 in notes payable. 5. The company declares and pays a cash dividend of $26,000. PLASMA SCREENS CORPORATION Statement of Cash Flows For the Year Ended December 31, 2018 Cash Flows from Operating Activities Net income Adjustments to reconcile net income to net cash flows from operating activities Depreciation expense Decrease in accounts receivable Increase in inventory Increase in prepaid rent Decrease in interest payable Increase in income tax payable Net cash flows from operating activities Cash Flows from Investing Activities Purchase of equipment Net cash flows from investing activities Cash Flows from Financing Activities Payment of notes payable Payment of cash dividends Net cash flows from financing activities Net decrease in cash Cash at the beginning of the period Cash at the end of the period