Income Statement

                                             Year ended December 31, 2018

Sales Revenue                                                    $291,300

Interest Revenue                                                     1,000

Gain on Sale of Plant Assets                                  6,000

Total Revenues and Gains                                                          $298,300

Cost of Goods Sold                                             145,000

Salaries and Wages Expense                               49,000

Depreciation Expense—Plant Assets                 16,000

Other Operating Expense                                    25,000

Interest Expense                                                      3,500

Income Tax Expense                                               7,800

Total Expenses                                                                                246,300

Net Income                                                                                      $52,000

Additional information provided by the company includes the following:

Equipment costing $60,000 was purchased for cash.

Equipment with a net book value of $10,000 was sold for $16,000.

Depreciation expense of $16,000 was recorded during the year.

During 2018, the company repaid $43,000 of long-term notes payable.

During 2018, the company borrowed $34,000 on a new long-term note payable.

All sales are on credit.

Prepare the 2018 statement of cash flows, using the indirect method.