Prepare a statement of cash flows using the indirect method. NET SALES ABC CORPORATION INCOME STATEMENT FOR THE YEAR ENDED JUNE 30, 20X2 $468,000 312,000 $156,000 COST OF GOODS SOLD GROSS MARGIN OPERATING EXPENSES OPERATING INCOME INTEREST EXPENSE INCOME BEFORE INCOME TAXES INCOME TAXES NET INCOME ABC CORPORATION COMPARATIVE BALANCE SHEETS JUNE 30, 20X2 AND 20X1 90,000 66,000 5,600 $ 60,400 24,600 $ 35,800 20X2 20X1 ASSETS CASH ACCOUNTS RECEIVABLE (NET) INVENTORY PREPAID EXPENSES $ 139,800 42,000 $ 25,000 52,000 86,800 96,800 6,400 5,200 FURNITURE ACCUMULATED DEPRECIATON, FURNITURE TOTAL ASSETS 110,000 120,000 (18,000) (10,000) $367,000 $289,000 LIABILITIES and STOCKHOLDERS' EQUITY ACCOUNTS PAYABLE $ 26,000 $ 28,000 INCOME TAXES PAYABLE 2,400 3,600 NOTES PAYABLE (LONG-TERM) 74,000 70,000 COMMON STOCK, $10 PAR VALUE 230,000 180,000 RETAINED EARNINGS 34,600 TOTAL LIABILITIES and STOCKHOLDERS' EQUITY $367,000 7,400 $ 289,000 Additional Information: A) Issused $44,000 note payable for purchase of furniture B) Sold furniture the cost $54,000 with accumulated of $30,600 at carying value C) Recorded depreciation on the furniture during the year, $38,600 D) Repaid a note in the amount of $40,000 E) Issused $50,000 of common stock at par vlaue F) Declared and paid dividends of $8,600. Without using a work sheet, prepare a statement of cash flows for 20x2 using the indirect method.