Noella Company Comparative Balance Sheet December 31 $ Cash Accounts receivable, net Inventory Land 2019 $ 43,000 35,000 114,000 120,000 2018 24,000 38,000 82,000 190,000 Building Accumulated depreciation, Building Equipment Accumulated depreciation, Equipment 200,000 (50,000) 1,180,000 (178,000 $1,464,000 200,000 (40,000) 600,000 (94,000) $1,000,000 Accounts payable Bonds payable Common shares Retained earnings $ 115,000 320,000 750,000 279,000 $1,464,000 $ 100,000 -- 750,000 150,000 $1,000,000 Additional Data for 2019: 1. 2. 3. Net income for the year amounted to $164,000. Depreciation has been recorded during the year and reflected in the Accumulated Depreciation accounts. The only sale of long term assets involved the sale of a piece of land no longer required, for cash proceeds of $140,000. There was a gain on sale of land recorded on the income statement equal to $10,000. Dividends were paid during the year. 4. Instructions Prepare a Statement of Cash Flows for Noella Co. for 2019 using the indirect method. NOTE: If you would like to use the T-Account approach to analyze the numbers, I have provided T-Accounts on the next page