Section C: Case Study - Cash Flow Statement (Indirect Method) Construct the statement of cash flows for Delta Co, using the information provided in the company's financial statements below: Delta Co. is financed by both long-term debt and common equity. The firm's operating profit for the year was $199,000 and the applicable corporate tax rate was 40%. The firm's net income is $ 114,000 Income Statement for the year ended 30 June 2018 Sales 1,180,000 Cost of goods sold | 790,000) Gross profit 390,000 Selling, general and admin expenses (184,0001 EBITDA 206,000 Depreciation 7,000) EBIT 199,000 Interest expense 9.000) EBT 190,000 Income tax expense (40%) 76,000) Net income 114,000 Comparative Balance Sheet as of 30 June 2018 and 30 June 2017 2018 2017 77,000 74,000 132,000 105,000 240,000 628.000 26,000 65,000 180,000 80,000 200,000 551.000 Assets Cash Accounts receivable Inventory Land Building Total assets Liabilities and Equity Accounts payable Notes payable Accruals Long-term debt Capital Retained earnings Total liabilities and equity 43,000 128,000 45,000 110,000 61,000 241,000 528.000 46,000 14,000 24,000 150,000 61,000 256,000 551.000