Prepare the cash flows from operations section of T. Mulholland's 2018 statement of cash flows using the indirect method.

T. Mulholland Income Statement For years ended December 31, 2017 and 2018 Other income (expenses) InterestexpenseGainonsaleofinvestmentsLossonsaleofplantassetsTotalotherincome(expenses)(5,000)6,900(4,400)(16,000)(3,700)4,800(4,900)(3,800) IncomebeforeincometaxesIncometaxesexpenseNetincome140,800(42,240)$98,560180,200(54,060)$126,140 T. Mulholland Comparative Balance Sheets Current liabilities: AccountspayableAccruedliabilitiesIncometaxespayableTotalcurrentliabilities$29,4002,4003,50035,300$30,0002,00013,00045,000$6004009,5009,700 Long term liabilities: NotesPayableTotalliabilities249,000284,300185,000230,00064,00054,300 Stockholders' equity Commonstock,$5parvalueAdditionalpaid-incapitalRetainedearningsTotalstockholdersequity100,00025,00077,560202,560$486,860100,00025,00038,000163,000$393,000,93,8600039,56039,560 T. Mulholland Statement of Retained Earnings For the year ended December 31, 2018 Ret.earnings,Jan.1Add:netincomeDeduct:DividendsIncreaseinretainedearningsRet.earnings,Dec.312018$38,00098,560(59,000)39,560$77,5602017$0126,140(88,140)38,000$38,000 Other information: SharesofcommonstockoutstandingEarningspershareDividendspershare20,000$$2.95$43$$4.41$1720,000$$6.31$13