SLU. UPS 4 U12 Lumpiere 11mid_summary (similar to) Question Help Vitale Company reported the following income statement and comparative balance sheets, along with transaction data for 2018 (Click the icon to view the income statement.) (Click the icon to view the balance sheet) (Click the icon to view the transaction data.) Requirement 1. Prepare Vitale Company's statement of cash flows (using the indirect method) for the year ended December 31, 2018. Take the following three steps outlined here Step 1: From the comparative balance sheets, determine the increase in cash and cash equivalents during the year. The increase in cash and cash equivalents during the year is $ Income Statement Vitale Company Income Statement Year Ended December 31, 2018 Sales revenue $ 666,000 536.000 130.000 S Cost of goods sold Gross profit Operating expenses Salary expenses Depreciation expense equipment Amortization expense-patent Rent expense Total operating expenses Income from operations Other items Loss on sale of equipment Income before income tax 46.000 10,000 7,000 4,000 67,000 63.000 (3,000) 60.000 18.000 $ 42,000 Income tax expense Net income Balance Sheet -X 2018 2017 Assets Current Cash and cash equivalents Accounts receivable Inventories $ 36,000 $. 25,000 5,000 11,000 8,000 8,000 Vitale Company Comparative Balance Sheets December 31, 2018 and 2017 2018 2017 Liabilities Current: Accounts payable $ 56,000 S 7,000 Accrued liabilities 21,000 26.000 Income tax payable 48,000 37,000 Total current liabilities 3,000 6,000 Long-term note payable 128,000 76.000 Bonds payable 53,00 44,000 Stockholders' Equity 21,000 17,000 Common stock 31,000 8,000 Retained earnings Less: Treasury stock Total liabilities and $ 233.000 $ 145,000 stockholders' equity 49,000 44,000 46.000 44,000 8.000 59.000 Prepaid expenses Total current assets Equipment, net Long-term investments Patent, net 54,000 21,000 62,000 30,000 (22,000) (17.000) Total assets $ 233,000 $ 145,000 Print Done Transaction Data $ 30,000 Transaction Data for 2018: Purchase of equipment with cash.... $ 95,000 Payment of cash dividends 10,000 Issuance of common stock to retire bonds payable 15,000 Purchase of long-term investment with cash 4,000 Purchase of treasury stock 5,000 Issuance of long-term note payable to purchase patent Issuance of long-term note payable to borrow cash Issuance of common stock for cash Proceeds from sale of equipment (book value, $76,000) 8.000 18.000 73.000 Print Done December 31, 2018. Take the following three steps outlined here. he year. -X Steps Step 1 From the comparative balance sheets, determine the increase in cash and cash equivalents during the year. Step 2 Prepare a T-account to show the transaction activity in each long-term balance-sheet account. Step 3 Complete the statement of cash flows. From the income statement, take net income, depreciation, amortization, and the loss on sale of equipment to the statement of cash flows. Account for the year-to-year change in each balance sheet account. Print Done