QUESTION 3 30 MARKS p income statement and comparative balance sheet are provided Violeta Industries Ltd.'s 2017 single-step income statement and comparative balance sheet are pr below VIOLETA INDUSTRIES LTD Income Statement Year Ended December 31, 2017 Revenue. Expenses Cost of goods sold.. Salaries Depreciation expense.25,000 Other operating expenses... Interest expense.. 13,000 Income taxes. Profit.. $920,000 $493,500 .. 73,500 18,000 VIOLETA INDUSTRIES LTD. Balance Sheet As of December 31 2017 2016 Assets 14,000 $ 10,000 Accounts receivable Inventory. Prepaid expenses.. 13,500 17,000 2,000 2,000 250,000 250,000 497,000422,000 Accumulated depreciation Accounts payable.... Taxes payable... 25,900 $ 22,400 1,000 3,000 1,500 2,500 8,000 5,000 234,000 260,000 120,000 100,000 Salaries payable Long-term debt Common shares.... Retained earnings Total liabilities and shareholders' equity Additional information: 1. No new long-term debt was taken during the year. 2. New equipment was purchased, and none was sold. 3. Common shares were issued for cash. 4. Cash dividends were paid to common shareholders. Instructions Prepare the cash flow statement for 2017, using the indirect method