Question 5 - (40 Points) JK, Inc Income Statement For Year Ended December 31, 2019 Net Sales $ 350,000 Cost of Sales 100,000 Gross profit $ 250,000 Operating Expenses Depreciation Expense $ 3,000 Tax expense 6.900 Salaries expense 95,000 Commission expense 25,000 Rent expense $ 40,000 Total Operating Expense $ 169,900 Net Income $ 80,100 JK, Inc Balance Sheet December 31, Assets 2019 2018 Cash 45,000 20,000 Accounts receivable 8,000 10,000 Merchandise inventory 159,000 145,000 Plant Asset 369,300 308,000 Accumulated Depreciation (47,000) (44,000) Total Assets 534,300 439,000 Liabilities & Stockholders' Equity Accounts payable 2,500 3,000 Accrued expenses 6,700 6,000 Note payable 120,000 100,000 Common stock 235,000 215,000 Retained earnings 170,100 115,000 Total Liab and Stockholders' Equity 534,300 439,000 Additional Information of the 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