Question 5 - (40 Points) JK, Inc Income Statement For Year Ended December 31, 2019 $ 350,000 100,000 $ 250,000 Net Sales Cost of Sales Gross profit Operating Expenses Depreciation Expense Tax expense Salaries expense Commission expense Rent expense Total Operating Expense Net Income $ 3,000 6,900 95,000 25,000 $ 40,000 $ $ 169,900 80,100 JK, Inc Balance Sheet Assets Cash Accounts receivable Merchandise inventory Plant Asset Accumulated Depreciation Total Assets December 31, 2019 2018 45,000 20,000 8,000 10,000 159,000 145,000 369,300 308,000 (47,000 (44,000) 534,300 439,000 Liabilities & Stockholders' Equity Accounts payable Accrued expenses Note payable Common stock Retained earnings Total Lab and Stockholders' Equity 2,500 6,700 120,000 235,000 170,100 534,300 3,000 6,000 100,000 215,000 115,000 439,000 Additional Information Orthe total Plant Assets purchased, $10,000 was purchased through the issuance of a note payable. Required Prepare JK, Inc. 2019 Statement of Cash Flows in good form using the Indirect method