show depreciation expense calculation & bank loan payable with indirect statement

NACKAWIC INC. Income Statement Year Ended December 31, 2018 $317.500 99,460 218,040 82.120 135,920 Sales Cost of goods sold Gross profit Operating expenses Income from operations Other revenues and expenses Interest expense Realized loss on sale of long term investments Income before income tax Income tax expense Net income $12,940 7,500 20,440 115,480 27,670 $ 87,810 Additional information 1. Long-term investments were sold for $5,000, resulting in a realized loss of $7,500 2. New equipment costing S141,000 was purchased for $71,000 cash and a $70,000 bank loan payable. 3. Equipment costing $56,000 was sold for $15,550, resulting in a gain of $8,750. 4. Accounts payable relate to merchandise creditors, accrued liabilities relate to operating expenses. 5. A dividend was pand during the year 6. Operating expenses include $58,700 of depreciation expense and an $8,750 gain on disposal of equipment Instructions (a) Prepare the statement of cash flows, using the indirect method Prepare Se of cash P13-58 The income statement and unclassified statement of financial position for Nackawic Ine Sollow od and COR (LO 2.3 NACKAWIC INC. Statement of Financial Position December 31 2015 2017 $ 82,700 80,500 131,900 94,500 290,000 (49,500) 5630,400 $ 47.250 37.000 102,650 107.000 205,000 (40,000) $458.900 Cash Accounts receivable Inventory Long-term investments Equipment Accumulated depreciation Total Liabilities and Shareholders' Equity Accounts payable Accrued liabilities Bank loan payable Common shares Retained earnings Total liabilities and shareholders' equity $ 62,700 12.100 140,000 240,000 175,600 5630,400 $ 48,280 18830 70,000 200,000 121.790 5458.900