Part 3- BS/IS to Statement of Cash Flows (25 mins question 8) 8. Use the following BS and is to create a CEO ONLY using the DIRECT METHOD MUR Include labels for each line. Prepaid expenses relate to the cash paid for OPEL Balance Sheet Cash 2019 2018 Change $ 17,600 Accounts Rechable 1.000 15.500 38.500 Inventory 43,500 (5.000) 48,200 Prepaid Expenses 47.000 1.200 1.600 Total Current Assets 4 800 (3.200) $ 105,900 $ 96,300 Land 61,700 23.700 38.000 Equipment, net 63.200 49.400 13,800 Total Assets $ 230,800 $169,400 Accounts Payable 36.000 31,300 4,700 Salary Payable 21,000 13,000 8.000 Taxes Payable 21,300 24,500 (3.200) Total Current Liabilities $ 78,300 $ 68,800 34.000 22.000 Bank Loan 56,000 Total Liabilities $ 134,300 $102.800 24,800 Common Stock 88,500 8,000 2,900 5,100 Retained Earnings Total Shareholders Equity$ 96,500 $ 66,600 Total Llabilities and SE 63.700 $ 230,800 $169,400 Income Statement Sales $ 440.000 Cost of Goods Sold 185,500 Gross Profit $ 254,500 Salary Expense 76,700 Depreciation Expense 14,600 Other Opex 50,600 Operating Profit $ 112,600 Interest Expense 25,000 Income Before Tax $ 87,600 Tax Expense 28.800 Net Income $ 58,800