INDIRECT METHOD The income statement, balance sheets, and additional information for Apple Inc. are provided. Apple Inc. Income Statement For the Year Ended December 31, 2018 Revenues $2,800,000 Gain on sale of land 4,000 Total revenues 2,804,000 Expenses: Cost of goods sold 1,900,000 Operating expenses 575,000 Depreciation expense 38,000 Interest expense 16,000 Income tax expense 63.000 Total expenses 2,592,000 Net Income $212,000 Apple Inc. Balance Sheets December 31 Assets 2018 2017 At 2017 $187,000 95,000 138,000 5,000 Apple Inc. Balance Sheets December 31 Assets 2018 Current Assets: Cash $182,000 Accounts receivable 83,000 Inventory 121,000 Prepaid rent 7,000 Long-Term Assets Investment in stock 195,000 Land 230,000 Equipment 305,000 Accumulated depreciation (138,000) Total Assets $985,000 Liabilities and Stockholders' Equity Current Liabilities: Accounts payable $40,000 _$58,000 Interest payable 1,000 2,000 Income tax payable 12,000 10,000 Long-Term Liabilities: Notes payable 285,000 205,000 Stockholders' Equity Common stock 350,000 350,000 Retained earnings 297.000 285.000 Total Liabilities and Equity $985,000 $910,000 100,000 260,000 225,000 (100,000) $910,000 16 na 1 de 4 484 palabras de ingls (Estados Unidos) Enfoque ** - ENG * ZUVO 2UUUU Total Liabilities and Equity $985,000 $910,000 Additional Information for 2018: 1. Purchase additional investment in stocks for $95,000. 2. Sell land costing $30,000 for $34,000 resulting in a $4,000 gain on sale of land. 3. Purchase $80,000 in equipment by borrowing $80,000 with a note payable due in three years. No cash is exchanged in the transaction. 4. The company declares and pays a cash dividend of $200,000. Required: Prepare the statement of cash flows using the indirect method. Disclose any noncash transactions in an accompanying footnote. 25 points cados Unidos) Enfoqu