lif TE = BALANCE SHEET December 31 2019 2018 Assets Cash $ 53,000 $ 22,000 Accounts receivable 80,000 76,000 Merchandise inventory 185,000 189,000 Land 70,000 100,000 Equipment 265,000 200,000 Accumulated depreciation (66,000) (32,000) Total assets $587,000 $555,000 Liabilities and Shareholders' Equity Accounts payable $ 39,000 $ 47,000 Bank loan payable 150,000 200,000 Common shares 199,000 174,000 Retained carnings 199,000 134,000 Total liabilities and shareholders' equity $587,000 $555,000 Additional information: 1. Profit was $115,000. 2. Sales were $978,000. 3. Cost of goods sold was $751,000. 4. Operating expenses were $43,000, exclusive of depreciation expense. 5. Depreciation expense was $34,000. 6. Interest expense was $14,000. 7. Income tax expense was $26,000. 8. Land was sold at a gain of $5,000. 9. No equipment was sold during the year. 10. $50,000 of the bank loan was repaid during the year. 11. Common shares were issued during the year. Instructions 1. Prepare a Cash Flow Statement using the indirect method