Problem #4 - CASH FLOW STATEMENT - INDIRECT METHOD The following information is available for the Eldridge Company: Eldridge Company Balance Sheets At December 31 2019 2018 Increase/Decrease Assets: Cash Accounts receivable Merchandise inventory Long-term investments Machinery Accumulated depreciation Total assets $ 29,568 38,616 87,750 67,080 210,600 (40,260) $393,354 $ 27,648 35,280 74,052 67,680 174,600 (37,440) $341,820 $ 78,000 12,870 58,500 $149,370 $ 48,456 12,240 79,200 $139,896 Liabilities: Accounts payable Income taxes payable Bonds payable Total liabilities Equity: Common stock Paid-in capital in excess of par Retained earnings Total equity Total liabilities and equity 140,400 15,600 87,984 $243,984 $393,354 115,200 10,800 75,924 $201,924 $341,820 Eldridge Company Income Statement For Year Ended December 31, 2019 Sales $288,000 Cost of goods sold ..... $97,080 Depreciation expense ................ 35,280 Other operating expenses.... 57,600 Interest expense.. 2,400 (192,360) Other gains (losses): Loss on sale of equipment. (10,080) Income before taxes..... 85,560 Income taxes expense. 33,180 Net income $ 52.380 Additional information: (1) There was no gain or loss on the sales of the long-term investments, nor on the bonds retired. (2) Old machinery with an original cost of $45,060 was sold for $2,520 cash. (3) New machinery was purchased for $81,060 cash. (4) Cash dividends of $40,320 were paid. (5) Additional shares of stock were issued for cash. Prepare a complete statement of cash flows for calendar-year 2019 using the indirect method