SEAN MITCHELL CORPORATION Comparative Balance Sheet December 31, 2018 and 2017 (Amounts in Thousands) SEAN MITCHELL CORPORATION Income Statement Year Ended December 31, 2018 (Amounts in Thousands) 2018 2017 $600,000 510,000 90,000 ASSETS Current Assets: Cash Accounts Receivable Merchandise Inventory Long-Term Assets: Plant Assets Accumulated Depreciation - Plant Assets Total Assets $35,000 16,000 40,000 $25,000 25,000 32,000 $36,000 8,000 1,000 145,000 (30,000) $206,000 103,000 (24,000) $161,000 Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses: Salaries and Wage Expense Depreciation Expense - Plant Assets Rent Expense Total Operating Expenses Operating Income Other Revenue and (Expenses): Loss on Sale of Equipment Total Other Revenues and Expenses Net Income Before Income Taxes Income Tax Expense Net Income 45,000 45,000 (3.000) LIABILITIES Current Liabilities: Accounts Payable Accrued Liabilities Long-Term Liabilities: Bonds Payable Total Liabilities (3.000) 42,000 12,000 $30,000 $28,000 10,000 $16,000 11,000 80,000 118,000 60,000 87,000 $78,000 STOCKHOLDERS' EQUITY 31,000 Transaction Data for 2018 Cash Paid for Purchase of Equipment Cash Receipt from Sale of Equipment (Cost, $36,000; Accumulated Depreciation $2,000) Issuance of Bonds Payable to Borrow Cash Cash Receipt from Issuance of Common Stock Cash Paid for Purchase of Treasury Stock Issuance of Common Stock to Retire Bonds Payable Common Stock, No Par Retained Earnings Treasury Stock Total Stockholders' Equity Total Liabilities and Stockholders' Equity 60,000 36,000 (8,000) 88,000 $206,000 50,000 27,000 (3,000) 74.000 $161,000 20,000 10,000 5,000 12,000 [20 points) Prepare SMC's statement of cash flows for the year ended December 31, 2018 using the indirect method. Provide a reconciliation to the change in cash balance from 2017 to 2018, and a section for any non-cash investing and financing activities that took place