Problem #6 (15 Marks): The financial statements of Fisher Enterprises appear below: JDS Inc. Comparative Balance Sheet December 31, 2019 2019 2018 Assets Cash $ 17,000 $ 23,000 Accounts receivable 31,000 34,000 Merchandise inventory 32,000 15,000 Property, plant, and equipment 60,000 78,000 Accumulated depreciation (20,000) (24,000 Total $120,000 $126,000 Liabilities and Shareholders' Equity Accounts payable $ 20,000 $ 23,000 Income taxes payable 10,000 8.000 Bonds payable 7,000 33,000 Common shares, 10,000 shares issued 39,000 24,000 Retained earnings 44,000 38,000 Total $120,000 $126,000 JDS Inc. Income Statement Year Ended December 31, 2019 Sales $470,000 Cost of goods sold 400.000 Gross profit 70,000 Operating expenses 36.000 Income from operations 34,000 Interest expense 4,000 Income before income taxes 30,000 Income tax expense 10.000 Net earnings $20,000 The following additional data were provided: 1. Cash dividends were declared and paid during the year. 2. During the year, equipment was sold for $12,000 cash. This equipment cost $28,000 originally and a gain of $5,000 was recognized at the time of sale. 3. Equipment was purchased during the year with cash. 4. $17,000 in depreciation expense was recorded during the year which is included in operating expenses. 5. All operating expenses except for depreciation were paid in cash. 6. No new bonds payable was issued to investors during the year. 7. No common shares were retired during the year. Instructions - Prepare a cash flow statement for the company for the year ended December 31, 2019, using the indirect method