Prepare a statement of cash flows for XYZ Corp. for 2018 under the indirect method.

XYZ Corp. COMPARATIVE BALANCE SHEET As of December 31. 2018 and 2017 31.12.2018 31.12.2017 Cash $ 30,000 $ 8,000 Accounts receivable 35,000 25,900 Marketable securities 40,000 60,000 Inventory 84,000 70,000 Prepaid rent 6,000 24,000 Prepaid insurance 4,200 1,800 Supplies 2,000 1,500 350,000 Land Building 250,000 700,000 (210,000) 700,000 Accumulated depreciation-building (175,000) 1,050,000 800,000 Equipment Accumulated depreciation-equipment (224,000) (260,000) 90,000 Patent 100,000 Total assets $ 1,742,200 Accounts payable $ 1,821,200 $ 54,000 10,000 $ 64,000 8,000 10,000 6,000 20,000 20,000 Taxes payable Wages payable Short-term notes payable Long-term notes payable Bonds payable Premium on bonds payable Common Stock 120,000 140,000 800,000 800,000 40,606 51,706 480,000 440,000 Paid-in capital in excess of par 40,000 35,000 Retained earnings 246,594 177,494 Total liab. and eq. $ 1,821,200 $ 1,742,200 XYZ Corp. INCOME STATEMENT For the Year Ended December 31, 2018 Sales revenue $ 2,320,000 (1,496,000) Cost of goods sold Gross profit 824,000 Operating expenses Selling expenses $ 158,400 Administrative expenses 313,400 Depreciation/amortization expense 81,000 Total operating expenses (552,800) Operating income 271,200 Other revenues/expenses Dividend revenue 4,800 Gain on sale of 8,000 marketable securities Gain on sale of land 16,000 (103,500) Interest expense (74,700) Income before taxes 196,500 (78,800) Income tax expense Net Income $ 117,700 (48,600) Dividends to shareholders To retained earnings $ 69,100