SEAN MITCHELL CORPORATION SEAN MITCHELL CORPORATION Comparative Balance Sheet Income Statement December 31, 2018 and 2017 Year Ended December 31, 2018 [Amounts in Thousands] [Amounts in Thousands] 2018 2017 Sales Revenue $600,000 ASSETS Cost of Goods Sold 510,000 Current Assets: Gross Profit 90,000 Cash $35,000 $25,000 Operating Expenses: Accounts Receivable 16,000 25,000 Salaries and Wage Expense $36,000 Merchandise Inventory 40,000 32,000 Depreciation Expense - Plant Assets 8,000 Long-Term Assets: Rent Expense 1,000 Plant Assets 145,000 103,000 Total Operating Expenses 45,000 Accumulated Depreciation - Plant Assets (30,000) (24,000) Operating Income 45,000 Total Assets $206,000 $161,000 Other Revenue and (Expenses): Loss on Sale of Equipment (3,000) LIABILITIES Total Other Revenues and Expenses (3,000) Current Liabilities: Net Income Before Income Taxes 42,000 Accounts Payable $28,000 $16,000 Income Tax Expense 12,000 Accrued Liabilities 10,000 11,000 Net Income $30,000 Long-Term Liabilities: Bonds Payable 80,000 60,000 Total Liabilities 118,000 87,000 Transaction Data for 2018 Cash Paid for Purchase of Equipment $78,000 STOCKHOLDERS' EQUITY Cash Receipt from Sale of Equipment (Cost, $36,000; Accumulated Depreciation $2,000) 31,000 Common Stock, No Par 60,000 50,000 Issuance of Bonds Payable to Borrow Cash 20,000 Retained Earnings 36,000 27,000 Cash Receipt from Issuance of Common Stock 10,000 Treasury Stock (8,000) (3,000) Cash Paid for Purchase of Treasury Stock 5,000 Total Stockholders' Equity 88,000 74,000 Issuance of Common Stock to Retire Bonds Payable 12,000 Total Liabilities and Stockholders' Equity $206,000 $161,000 [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