Problem 3 2018 $34,380 80,000 128,000 7,200 Prepare the statement of cash flows for ABC Corp. for the year ended December 31, 2019 using the following information. Income Statement Balance Sheets For the Year Ended December 31, 2019 December 31 Revenues $563,000 Assets 2019 Gain on sale of land 7.000 Current Assets: Total revenues 570,000 Cash $42,080 Expenses: Accounts receivable 64,000 Cost of goods sold 280,000 Inventory 150,000 Operating expenses 125,000 Prepaid rent 4,600 Depreciation expense 33,000 Long-Term Assets: Interest expense 19,000 Investments 70,500 Income tax expense 52.000 Land 110,000 Total expenses 509.000 Equipment 250,000 Accumulated dep. Net Income $61.000 (143,000) Total Assets $548.180 Additional information: Liabilities and Stockholders' Equity 1. Purchase additional investments in stocks for Current Liabilities: $49,500. Accounts payable $35,000 2. Sell land costing $55,000 for $62,000, Interest payable 5,100 resulting in a $7,000 gain on sale of land. Income tax payable 25,000 3. Borrow $30,000 from the bank by issuing a Long-Term Liabilities: note payable due in three years. Notes payable 215,000 4. Purchase $30,000 in equipment by issuing Stockholders' Equity: $30,000 of common stock. Common stock 150,000 5. Declare and pay a cash dividend of $60,000 Retained earnings 118,080 Total Liabilities and Equity $548.180 21,000 165,000 220,000 (110,000) 545.580 $88,000 4,500 31,000 185,000 120,000 117,080 $545.580