Sale ABC Manufacturing Inc. Income Statement Year Ended December 31, 20x4 Cost of goods sold $200,000 $120,000 Gross Profit Operating Expenses $ 80,000 $40,000 Loss on Sale of equipment Profit from Operations Other expenses Interest Expense Income Tax Expense Profit $2,000 $ 42,000 $ 38,000 $ 2,000 Profit before Income Tax $ 36,000 $ 8,000 $ 28,000 ABC Manufacturing Inc. comparative balance sheet at December 31 Inventory Cash Accounts Receivable Prepaid Expenses Equipment Accumulated Depreciation - equipment Total Assets Account Payable 20X4 20x3 $ 4,500 $ 4,300 $ 72,000 $110,000 $ 6,500 $140,000 $ 1,550 $ 1,020 $ 98,000 $100,000 $(50,000) $(42,000) $236,050 $209,820 $ 15,330 $ $ 9,900 510 $ 10 Seved Interest Payable Income taxes payable. Dividends Payable Tong-term Notes Payable Common shares Retained Earnings Total Liabilities &Shareholders' Equity Additional Information: 1. Operating expenses include depreciation expense of $10,000 2. Accounts Payable related to the purchase of inventory 3. Equipment that cost $8,000 was sold at a loss of $2,000 4. New equipment was purchased during the year for $6,000 5. Dividends declared and paid in 20X4 totaled $2,000 6. Common shares were sold for $10,000 cash $ 10,800 $ 1,800 $ 50,000 $130,000 $ 27,610 $236,050 7. Interest payable in 20X4 was $500 greater than interest payable in 20x3 $ 9,500 $ 3,800 $ 65,000 $120,000 $ 1,610 $209,820 What is the Net Cash provided (used) by Operations when the indirect method to prepare cash flow statements is use? Assume the company uses ASPE