Problem #5: Statement of Cash Flows (20 points) Presented below are the 2018 income statement of Abdul Jewelry Corp. followed by the current assets and current liabilities sections of its balance sheet at December 31, 2018 and 2017. Abdul Jewelry Corp. Income Statement For the year ended December 31, 2018 $12,000,000 Net sales Cost of goods sold Gross profit Operating expenses: Selling General and administrative Depreciation Amortization 2,000,000 1,300,000 340,000 180,000 Total operating expenses Operating profit 3,180,000 Other revenues (expenses) and gains and (losses): Interest expense Service revenue Gain on sale of plant assets (250,000) 105,000 35,000 3,070,000 $ 1,890,000 $31.50 Earnings before taxes Income tax expense Net earnings Per share amounts: Net earnings Abdul Jewelry Corp. Balance Sheet: Current Assets and Current Liabilities December 31, 2018 and 2017 2018 2017 Current assets: Cash Accounts receivable, net Inventor)y Prepaid expenses $56,000 2,000,000 820,000 $60,000 1,800,000 845,000 Total current assets $2,967,000 $2,777,000 Current liabilities: Current portion of long-term debt Accounts payable Income taxes payable Accrued expenses $400,000 645,000 150,000 $500,000 622,000 155,000 Total current liabilities $1,418,000