Question 5 (20 marks) The comparative Balance Sheets and the Income statement for the Marine Corporation are as follow Marine Corporation Assets Cash Marketable Securities Accounts Receivable Inventories Investments Total current assets Plant and Equipment Less Accumulated Amortization Net plant and Equipment Total Assets Balance Sheet 2018 $45,000 175,000 240,000 230,000 70,000 $760,000 1,300,000 450,000 2019 $50,000 160,000 220,000 275,000 55,000 $760,000 1,550,000 600,000 $850,000 1,610,000 $950,000 1,710,000 LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable $110,000 Notes payable 65,000 Accrued Expenses 30,000 Income Taxes Payable 5,000 Dan Daxilla016 $85,000 10,000 5,000 10,000 Annon ( D Focus arch o ble Editing 1,610,000 1,710,000 LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable $110.000 Notes payable 65,000 Accrued Expenses 30,000 Income Taxes Payable 5.000 Bonds Payable (2016) 800,000 Common Stock (100,000 shares) 200,000 Retained Earnings 400,000 Total Liabilities' and Shareholders' Equity $1,610,000 I $85.000 10,000 5.000 10,000 900,000 200,000 500,000 $1,710,000 Marine Corporation Income Statement For the Year Ended December 31, 2019 Sales Less: Cost of Goods Sold Gross Profit Less: Selling, General & Administrative Expenses Operating profit Less: Amortization Expense Eamings Before Interest and Taxes Less: Interest Expense Earnings Before Taxes Less: Taxes (50%) Net Income $5,500,000 4,200,000 1,300,000 260,000 1,040,000 150,000 890,000 90,000 800,000 400,000 $ 400,000 1 Required: Prepare a Statement of Cash Flows in good form for the year ended December 31, 2019 using the Indirect Method