Santa, INC Income Statement For year Ended December 31, 2019 Sales 488,000. Cost of goods sold 314,000 Gross profit 174,000 Operating expenses Depreciation expense 37,600 Other expenses 89,100 126,700 Income before taxes 47.300 Income taxes expense 17,300 Net income 30,000 Santa, INC Comparative Balance Sheet At December 31 2019 2018 Asset Cash Accounts receivable, net 94,800 24,000 41,000 51,000 Inventory 85,800 95,800 Prepaid expenses 5,400 4,200 Total current assets ban di dun Furniture Accumulated Depreciation - Fumiture Total assets Liabilities and Equity 227,000 175,000 109,000 119,000- (17,000) (9.000) hau hao 319,000 285,000 15,000 21,000 9,000 5,000 1,400 2,600 25,400 28,600 Account payable Wages payable Income taxes payable Total current liabilities Notes payable (long-term) 29,000 69,000 Total liabilities income 200 Equity -Common stock, $5 par value Retained earnings 229,000 179,000 35,600 Total liabilities and equity Required 54,400 97,600 8,400 319,000 285,000 tro no phat hand the ->gon do tra c Use the indirect method to prepare the operating activities section of Santa's statement of cash flows