L&B Corporation comparitive Statement of Financial Position and Income Statement follows: L&B Corporation Statement of Financial Position As At December 31 ASSETS 2019 2018

Cash $29500 $30000

Accounts Receivable 17000 12000

Capital Assets 138500 123500

Accumulated Depreciation (89000) (83500)

Total Assets 96000 82000

Liabilities and Shareholders' Equity Bonds Payable $24500 $23000

Dividends Payable 4000 2500

Common Shares 11000 9500

Contributed surplus 4500 1500

Retained Earnings 52000 45500

Total Liabilities and Shareholders' Equity2019 96000 82000

L&B Corporation Income Statement For the Year Ended December 31, 2019

Sales Revenue 77500 Cost of Goods Sold 53500

Gross Profit 24000

Depreciation Expense 16500

Gain on Sale of Equipment 6500

Net Income 14000

Additional Information: During 2019, equipment costing 20,000 was sold for cash. During 2019, $10,000 of bonds payable were issued in exchange for capital assets. There was no amortization of bond discount or premium. Required Prepare the 2019 Statement of Cash Flows using the indirect method.