Horizontal Analysis Change % Change 2018 Vertical Balance Sheet Cash Accounts Receivable Inventory Equipment Accum Deprec-Equipment Total $ 1$ $ $ $ $ December 2018 2017 24,000 $ 33,000 25,000 $ 14,000 41,000 $ 25,000 70,000 $ 78,000 (27,000) S (24.000) 133,000 $ 126.000 Accounts Payable Income Tax Payable Bonds Payable Common Stock ($5 par) Retained Earnings Total $ $ $ $ $ $ 31,000S 24,000 $ 20,000 $ 25,000 $ 33,000 $ 133.000 $ 43,000 20,000 10,000 25,000 28,000 126.000 S (b) Complete the Vertical Analysis on the Income Statement Below YE December 31, 2018 Vertical Analysis Sales 286,000 Cost of goods sold S (204.000) Gross profit 82,000 Depreciation expense s Other operating expenses S (29.000) Income from operations S 45,000 Vertical Analysis $ YE December 31, 2018 Sales $ 286,000 Cost of goods sold $ (204,000 Gross profit 82,000 Depreciation expense $ (8,000) Other operating expenses $ (29,000) Income from operations $ 45,000 Interest expense $ (7,000 Income before income taxes $ 38,000 Income tax expense $ (10,000) Net income $ 28,000 Additional information: 1. In 2018, declared and paid a $23,000 cash dividend. . 2. Purchased equipment for cash, $7,000. 3. Sold equipment with book value of $10,000 (cost $15,000, less accumulated depreciation $5,000) for $10,000 cash. 4. All sales and purchases are on account. 5. No additional common stock issues. Market at 12-31-18 is $8. (d) Prepare a statement of cash flows for December 31, 2018 in proper form, using the indirect method / / /