I.Information related with XYZ Corp. was as follows at the end of 2018:

COMPARATIVE BALANCE SHEET As of December 31. 2018 and 2017 31.12.2018 31.12.2017 Cash $ 30,000 $ 8,000 Accounts receivable 35,000 25,900 Marketable securities 40,000 60,000 Inventory 84,000 70,000 Prepaid rent 6,000 24,000 Prepaid insurance 4,200 1,800 Supplies 2,000 1,500 Land 350,000 700,000 250,000 700,000 (210,000) 1,050,000 (260,000) Building Accumulated depreciation building Equipment Accumulated depreciation-equipment (175,000) 800,000 (224,000) Patent 90,000 100,000 $ 1,821,200 $ 1,742,200 $ 54,000 64,000 10,000 8,000 10,000 6,000 Total assets Accounts payable Taxes payable Wages payable Short-term notes payable Long-term notes payable Bonds payable Premium on bonds payable 20,000 20,000 120,000 140,000 800,000 800,000 40,606 51,706 440,000 Common Stock 480,000 Paid-in capital in excess of par 40,000 35,000 Retained earnings 246,594 177494 Total liab, and eq. $ 1,821,200 $ 1,742,200 XYZ Corp. INCOME STATEMENT For the Year Ended December 31, 2018 Sales revenue $ 2,320,000 Cost of goods sold (1,496,000) 824,000 Gross profit Operating expenses Selling expenses $ 158,400 313,400 81,000 (552,800) 271,200 Administrative expenses Depreciation/amortization expense Total operating expenses Operating income Other revenues/expenses Dividend revenue Gain on sale of marketable securities 4,800 8,000 Gain on sale of land 16,000 I Interest expense (103,500) 74,700 Income before taxes 196,500 Income tax expense (78,800) Net Income $ 117,700 Dividends to shareholders (48,600) To retained earnings $ 69,100 Required: Prepare a statement of cash flows for XYZ Corp. for 2018 under the indirect method. (45 pts)