Homework #3 $ The comparative balance sheets, income statement, and notes for Sophia Corporation are shown below (all amounts are in thousands): Sophia Corporation Balance Sheets December 31, Assets 2019 2018 Cash S 260 110 Accounts receivable 420 440 Inventory 1,020 890 Prepaid rent 10 3 Property, plant, and equipment 2.800 2,530 Accumulated depreciation (700) (545) Total assets $ 3.810 S 3,428 Liabilities and Shareholders' Equity Accounts payable Income taxes payable Long-term debt Total liabilities Common stock, no par Retained carings Total shareholders' equity Total liabilities and shareholders' equity. S 65 35 1.115 S 1.215 $ 425 2.170 S 2.595 $ 3.810 S 125 10 1.495 $ 1.630 S 250 1.548 $ 1,798 $ 3,428 Sophia Corporation Income Statement For the Year Ended December 31, 2019 Sales.... $ 10,000 Cost of goods sold 6,000 Depreciation expense 330 Other operating expenses.... 2,000 Gain on sale of equipment (100) Interest expense 100 Income tax expense 600 Net income 1.070 Additional information for 2019: Equipment with a book value of $300 was sold for $400. Sophia also purchased additional equipment for cash Sophia borrowed additional long-term debt totaling $200 and also repaid long-term debt, Sophia declared and paid dividends totaling $448. Required: Prepare a statement of cash flows (indirect method) for the year ended December 31, 2019 from these balance sheet and income statement amounts