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stion 2 (25 marks) ended December 31, 2018: On December 31, 2018 Mongolfier Company had the following financial statements for the year Mongolfier Co. Revenues and gains: ncome Statement For the year ended December 31, 2018 Op Sales revenue Interest revenue $240,000 Gain on sale of equipment 1,000 Total revenues 4.000 Expenses: $245,000 So Cost of goods sold Salary expense $1 10,000 POL 45,000 Amortization expense 12,000 Other operating expenses 3,000 Interest expense 1,000 SS Income tax expense 5,000 Total expenses 196,000 Net income $49,000 Mongolfier Company Balance Sheet As at December 31, 2018 2018 2017 Assets Cash $22,000 $18,000 V Accounts receivable 30,000 35,000 V Inventory 53,000 25,000 V Property, Plant & Equipment 60,000 140,000 Accumulated Amortization - PP&E (40,000) 50,000) Total assets $225,000 $168,000 Liabilities V Accounts payable $4,000 $6,000 Wages payable 2,000 1,000 Long-term note payable 84,00 90,000 Total liabilities $90,000 $97,000 Shareholder's equity Common shares $42,000 $17,000 Retained earnings 93,000 54,000 Total shareholder's equity $135,000 $71,000 Total liabilities and shareholder's equity $225,000 $168,000 Page 3 ined earnings 62 500delete ditional information: a. December 31 is the fiscal year end for the business. b. There is no common shares retirement or repurchases during the year. d. c. Equipment with original book value of $32,000 was sold for cash. I Equipment with a fair market value of $52,000 was purchased by issuing common shares for $25,000 and paying cash for the balance. I. e. During 2018, the company repaid $40,000 cash for long-term notes payable, f . During 2018 the company borrowed $34,000 cash on a new long-term note payable. F g. Cash dividend was declared and paid during the year. infollow h. All sales and purchases of merchandise were on credit. X Required: In the space provided on the next page, prepare statement of cash flows in good form assuming that the business uses the indirect method for cash flows from operating activities. Use the left side to show all related calculations and T-accounts used