Please prepare cash flow statement(Direct Method)

Prepare the Cash Flows Statement worksheet using the Indirect Method. Prepare the Cash Flows Statement worksheet using the Direct Method. Be sure to indicate which section of the statement each item should be show. CFO, CFI or CFR. Instructions Using the income Statement and the additional information below, prepare the Cash Flows worksheets using the Indirect Method and Direct Method. For each copy and paste the worksheet (given) into an Excel spreadsheet on your computer. Do the calculations. Remember to indicate which of the three sections each item goes on. Save your completed work. Copy and paste it into the answer section here in Blackboard. Rich Corp Income Statement FY 12/31419 Revenues 445.000 Cost of Goods Sold Operating Expenses (232.500) (110,500) (6.000) (1.000) interest Expense Loss on sale of equipment Income before income taxes (350.000) 95.000 (32.500 62.500 Income tax expense Net income Additional Information relating to 2019 activities: Cash dividends of $27.500 were declared and paid Equipment costing $20,500 and having a carrying value of $18,000, was sold for $17,000 cash Equipment with a cost of $83,000 was purchased for cash Operating expenses include depreciation expense of $16,500 and amortization of prepaid expenses of $1,000 Land was sold at its book value for cash Interest expense of $6,000 was paid in cash Common stock was issued for cash Inventory was purchased on credit Assume operating expenses are paid in cash DIRECT METHOD Credits 12/31/2018 Debits 18,500 13,000 Cash Accounts Receivable Inventory Prepaid Insurance Land Buildings Equipment 3,000 35,000 100,000 34,000 203,500 12/31/2019 27.000 34.000 27.000 2,000 22,500 100,000 96,500 309,000 Accumulated Depreciation, Buildings Accumulated Depreciation, Equipment Accounts Payable Bonds Payable Common Stock ($1 par) Retained Earnings 5.500 5,000 20,000 75,000 30,000 68,000 203,500 10.500 14,000 16,500 55,000 110,000 103,000 309,000