Preparing the Statement of Cash Flows Below are the balance sheet and income statement for ABC Company. Use these financial statements to answer the questions below. Liabilities and Equity Current Liabilities: Accounts payable Wages payable Total Current Liabilities $83,960$9,210 Long-term Notes Payable $91,810$93,740 Common Stock \$ $5,170$40,200 Retained Earnings $54,277$86,190 Total Liabilities and Equity $275,217$309,340. ABC Company Income Statement For year ended December 31, 2018 Riventies $260,170 Cost of Goods Sold $161,780 Gross Profit 598.390 Wages and Salaries 516220 Depreciation Expense 518240 Other Expenies 51.810 Total operating expense 536,270 Operatine Profit $62.120 Loss on Sale of Equipment ($680) interest Expense ($1.350) Income before tay 560,090 Income Tax Expente $15,023 Net income 545.068 Additional Information for the year 2018 : - ABC Company purchased equipment for $17,400 in cash - ABC Company sold equipment that cost $11,843 and had an accumulated depreciatio equipment for $2,403 in cash - ABC Company did not borrow any additional money - ABC Company paid off $1,930 from the principal of their loans - ABC Company did not buy back any shares - ABC Company issued $4,970 in new stock - Dividends of $76,981 were declared and paid Prepare the Cash Flow of Operations section for the Statement of Cash Flows. Start with Net Income and adjust Net Income to Cash Flow from operations following the steps provided below: Start with NET INCOME Do the following adjustments: + Non-cash expenses (associated with long-term assets/ liabilities. Examples: depreciation of PP\&E, amortization of intangibles + Any losses on sales of long-term assets - TAny gains on sales of long-term assets - Changes in non-cash operating assets + Changes in operating liabilities =CFO Clearly identify each step and the amount for full credit