Infinity Stone Corporation

Income Statement

For the Year Ended December 31, 2018

Net sales $620,000

Operating expenses 410,000

Income from operations 210,000

Other revenues and expenses

Gain on sale of equipment$30,000

Interest expense8,000

$22,000

Income before income taxes 232,000

Net income$92,800

$139,200

Infinity Stone Corporation

Comparative Account Information

Relating to Operations

For the Year Ended December 31, 2018

2018 2017

Accounts receivable $56,000 $40,000

Prepaid insurance 5,000 6,000

Accounts payable 59,000 47,000

Interest payable 600 1,500

Income taxes payable 4,200 6,000

Unearned revenue 20,000 14,000

What is the statement of cash flows (for operating activities only) for the year ended December 31, 2018, using the indirect method?