Presented below is a partially completed balance sheet for Shannon Corporation at December 31, 2019 together with a comparative balance sheet at December 31, 2018. Additional information is as follows:

• Net income for the year ended December 31, 2019 was $106,000.
• Dividends paid during the year ended December 31, 2019 were $42,000.
• Working capital (current assets minus current liabilities) at December 31, 2019 was $13,000.
• Long term debt increased by $1,000.
• Depreciation for 2019 was $20,000.
• The Company did not dispose of any property during 2019.

Shannon Corporation

Balance Sheets

December 31, 2019 and 2018

2019 2018

Assets

Current assets:

Cash $ 29,000 $ 33,000

Accounts receivable ? 112,000

Inventory 167,000 184,000

Total current assets ? 329,000

Net property & equipment ? 320,000

Total assets $ ? $649,000

Liabilities and Stockholders Equity

Current liabilities:

Accounts payable ? $207,000

Note payable 135,000 119,000

Total current liabilities 309,000 326,000

Long-term debt ? 86,000

Total liabilities ? 412,000

Stockholders equity:

Common stock 80,000 70,000

Retained earnings ? 167,000

Total stockholders equity ? 237,000

Total liabilities and equity $ ? $649,000

Required

1. Complete the December 31, 2019 balance sheet.

2. Prepare the statement of cash flow for the year ended December 31, 2019 using the indirect method.