Income Before Taxes Smith Products Balance Sheets, 12/31/x1,x2 19x2 19x1 -Income Taxes Net Income Assets Current Assets Cash Marketable Securities Accounts Receivable Inventory Prepaid Expenses Total Current Assets Long-Term Investments Loans to Subsidiaries Plant and Equipment Additional Information: $217,000 $26,000 $33,000 $17,000 $590,000 $410,000 $630,000 $620,000 $10,000 $1,473,000 $1,085,000 $80,000 $130,000 $60,000 $1,700,000 $1,800,000 Less: Acc. Dep. -$615,000 -$560,000 Net Plant and Equipment $1,085,000 $1,240,000 Goodwill $84,000 $90,000 Total Assets $2,782,000 $2,615,000 $5,000 $70,000 Long-term notes payable with a value of $90,000 were repaid during the year a) Equipment was sold for $80,000. The equipment had cost $100,000 and had accumulated depreciation. b) Long term investments were sold for $110,000. These investments had a cost $100,000. REQUIRED Prepare a Statement of Cash Flow (Indirect Method). Operations Liab and SE Accounts Payable Accrued Liabilities Total Current Liabilities Long Term Notes Deferred Income Taxes Total Liabilities Shareholders Equity Common Stock Retained Earnings Total Shareholders Equity Total Liabilities and SE Sales -Cost of Goods Sold Gross Margin Less Operating Expenses Net Operating Income Non-Operating Items Gain on Sale of Investment Gain on Sale of Equipment' $874,000 $570,000 $25,000 $42,000 $899,000 $612,000 $820,000 $400,000 $133,000 $118,000 $1,852,000 $1,130,000 $420,000 $1,000,000 $510,000 $485,000 $930,000 $1,485,000 $2,782,000 $2,615,000 Smith Products Income Statement YE 12/31/19x2 $2,900,000 -$1,860,000 $1,040,000 -$930,000 $110,000 $10,000 $10,000 Investing: Financing: $130,00 0 $20,000 $110,000 End of document