Normal No Spacing Balance Sheet as of December 31,2018 Cash $10,000 Accounts receivable 5,000 Inventory 12,000 Property and equipment, net 20,000 $47,000 Accounts payable $10,000 Note payable, long-term 5,000 Contributed earnings 20,000 Retained earnings 12,000 $47,000 Income Statement for 2019 Sales $13,000 Cost of goods sold 3,000 Wage expense 3,000 Interest expense 1,000 Other expenses 500 Net income $5,500 Additional Data for 2019: Sales were $13,000; $8,000 in cash was received from customers. Bought new land for cash, $10,000. Sold other land for its book value of $5,000. Paid $1,000 principal on the long-term note payable and $1,000 in interest. Issued new shares of stock for $10,000 cash. $1,000 of dividends were declared and paid. Paid $5,500 on accounts payable. No inventory purchases were made; other expenses were incurred on account. All wages were paid in cash. Other expenses were on account. Required: a. Prepare the balance sheet or statement of financial position for the year ended December 31, 2019 using the additional data and beginning balances provided above. b. Prepare the statement of cash flows for the year ended December 31, 2019 using the indirect method. c. Interpret the statement of cash flows by explaining the main sources and uses of cash during the year MacBook Air