PB-34A Preparing the statement of cash flows-indirect method with non-cash transactions The 2018 income statement and comparative balance sheet of Rolling Hills, Inc. follow: ROLLING HILLS, INC. Income Statement Year Ended December 31, 2018 Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses: 440,000 209,200 230,800 Salaries Expense Depreciation Expense--Plant Assets Other Operating Expenses Total Operating Expenses $77,400 14,400 10,200 02,000 128,800 Operating Income Other Income and (Expenses): Interest Revenue Interest Expense Total Other Income and (Expenses) 8,700 (21,100) Net Income Before Income Taxes Income Tax Expense Net Income (12,400) 116,400 20,000 S 96,400