Please prepare ONLY the operations section of the statement of cash flows in good form. Please use the indirect method of preparing the operations section.

Panic Corporation is located in Denver, Colorado, and makes video games. Given the following information, prepare ONLY the operations section of the statement of cash flows IN GOOD FORM. Use the indirect method of preparing the operations section. Panic Corporation Comparative Balance Sheets December 31, 2018 and 2017 2017 2018 Assets 131,000 Cash $164,000 70,000 515,000 276,000 (102.000) 890,000 82,000 Accounts Receivable 605,000 350,000 Merchandise Inventory Equipment Accumulated Depreciation: Equipment (157,000) $1,044,000 Total Assets Liabilities and Equity Accounts Payable Income Taxes Payable Common Stock, $2 par value Paid-in capital in excess of par, Common Stock Retained Earnings Total Liabilities and Equity $119,000 17,000 560,000 163,000 31,000 $890,000 $173,000 20,000 580,000 194,000 78,000 $1,044,000 Panic Corporation Income Statement For the Year Ended December 31, 2018 $1,792,000 (1,087,000) $ 705,000 Sales Cost of Goods Sold Gross Profit Operating Expenses Depreciation Expense Other Expenses $(55,000) (494,000) (549,000) 156,000 (24.000) $132,000 Income Before Taxes Income Tax Expense Net Income Additional information: a. Purchased equipment for $74,000. b. Issued 10,000 shares of common stock for $5 cash per share. c. Declared and paid $85,000 in cash dividends