Nova Company Comparative Balance Sheet Accounts as of December 31, 2018 and 2017 2018 2017 Change $(11,500) $(25,000) $ 60,000 S 30,000 $71,500 $55,000 Cash Investments (available-for-sale) Accounts receivable 146,000 133.000 13,000 118,000 $34,000 35,000 Inventory Land 84,000 50,000 15,000 Buildings Equipment 160,000 41,500 $ 18,500 160,000 60,000 $624,000 $560,000 Total Debit Balance Accounts Accumulated depreciation - buildings Accumulated Depreciation - equipment 40,000 $24,000 $32.000 8,000 18,500 95. 5,500 Accounts payable 102,000 7,000 Income taxes payable Long-term notes payable Common stock Retained eamings 13,000 8,000 5,000 65,000 80,000 (15,000) 236,500 295,000 58,500 85,000 90,000 (5,000) Total Credit Baland $624,000 $560,000 Nova Company Income Statement for year ended Dec. 31 2018 Sales Cost of goods sold $750,000 480,000 Gross profit 270,000 145,000 Operating expense 125,000 Income from operations Other revenues & expenses Gain on sale of investments 7,000 Loss on sale of equipment Income before taxes (4,000) 3,000 128,000 Income tax expense 52,000 76,000 Net income Additional Data: 1, Equipment that cost $20,000 and was 40% depreciated was sold in 2018. 2. Common stock was issued in exchage for land. No other land transactions occurred in 2018.. 3. Investments that cost $25,000 were sold during the year. 4. Depreciation expense is included in operating expense. Prepare the complete Statement of Cash Flows for Nova Co for the period ending 12/31/18. Use the indirect method when preparing the operating section. Prepare only the operating section of the Statement of Cash Flows for Nova Co using the direct method 1. 2