Prepare Walton Corporations statement of cash flows for the year ended December 31, 2019. Format cash flows from operating activities by the indirect method

8. The Statement of Cash Flows (12 points) A. The Walton Corporation reported the following income statement for 2019 and comparative balance sheet for 2018, along with transaction data for 2019: Walton Corporation - Comparative Balance Sheet Increase / 2019 2018 (Decrease) Current Assets Cash $38'000 $1'000 $37'000 Accounts Receivable $13'000 $19'000 -$6'000 Merchandise Inventory $40'000 $33'000 $7'000 Non-current Assets Plant Assets $120'700 $97'700 $23000 Accumulated Depreciation-Plant Assets -$9700 -$17'700 $8'000 Total Assets $202'000 $133000 $69'000 Current Liabilities Accounts Payable Accrued Liabilities Income Tax Payable Non-current Liabilities Bonds Payable Total Liabilities $36'000 $2'000 $9'000 $29'000 $13'000 $9'000 $7'000 $11'000 $0 $94'000 $141'000 $55'000 $106'000 $39'000 $35'000 Common Stock Retained Earnings Treasury Stock Total Stockholders' Equity Total Liabilities and Stockholders' Equity $50'000 $31'000 -$20'000 $61'000 $202'000 $18'000 $19'000 -$10'000 $27'000 $133'000 $32'000 $12'000 -$10'000 $34'000 $69'000 Walton Corporation - Income Statement (Dec. 31, 2019) Net Sales Revenue $637'000 Cost of Goods Sold $520'000 Gross Profit $117'000 Operating Expenses Salaries Expense $49'000 Depreciation Expense-Plant Asset: $8'000 Rent Expense $3'000 Total Operating Expenses $60'000 Operating Income $57'000 Other Income and Expenses Loss on Disposal of Plant Assets -$5'000 Total Other Income and Expenses -$5'000 Net Income Before Income Taxes $52'000 Income Tax Expense $20'000 Net Income $32'000 Transaction data for 2019 Cash paid for purchase of equipment $100'000 Cash payment of dividends $20'000 Issuance of common stock to retire bonds payable $9'000 Issuance of bonds payable to borrow cash $48000 Cash receipt from issuance of common stock $23000 Cash receipt from sale of equipment $56'000 (Cost, $77,000; Accumulated Depreciation, $16,000) Cash paid for purchase of treasury stock $10'000 Prepare Walton Corporation's statement of cash flows for the year ended December 31, 2019. Format cash flows from operating activities by the indirect method