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Intermediate Accounting III Exam 4 Date Name Kemp Inc., a bubble gum company, had the following statements prepared as of December 31, 2018. Kemp Inc. Comparative Balance Sheet As of December 31, 2018 12/31/2018 12/31/2017 54,000 $ 37,000 Cash 68,000 26,000 Accounts receivables 54,000 -0- Inventory 4,000 6,000 Prepaid rent 45,000 70,000 Land Buildings 200,000 200,000 Accumulated depreciation (21,000) (11,000) 68,000 Equipment 193,000 (10,000 Accumulated depreciation (28.000) $ 569.000 $ 386,000 Total assets 33,000 40,000 Accounts payable 110,000 150,000 Bonds payable 220,000 60,000 Common stock, $1 par 206.000 136,000 Retained earnings 386.000 Total liabilities and stockholders' equity 569.000 Kemp Inc. Income Statement December 31, 2018 $890,000 Sales Cost of goods sold 465,000 221,000 Operating expenses 12,000 Interest expense 2,000 700,000 Loss on sale of equipment 190,000 Income from operations 65,000 Income tax expense $ 125.000 Net income Additional information: 1. Operating expenses include depreciation expense. 2. Land was sold at its book value for cash. 3. Cash dividends of $55,000 were declared and paid. 4. Interest expense of $12,000 was paid in cash. 5. Equipment with a cost of $166,000 was purchased for cash. Equipment with a cost of $41,00 value of $36,000 was sold for $34,000 cash. 6. Bonds were redeemed at their book value for cash. 7. Common stock ($1 par) was issued for cash. nstructions. Prepare a statement of cash flows using the indirect method