Statement of Cash Flows (Indirect Method) Arctic Company's income statement and comparative balance sheets follow. ARCTIC COMPANY Income Statement For Year Ended December 31, 2019 Sales $728,000 Cost of goods sold $534,000 Wages expense 190,000 Advertising expense 31,000 Depreciation expense 22,000 Interest expense 18,000 Gain on sale of land Net loss (25,000) 770,000 $(42,000) ARCTIC COMPANY Balance Sheet Dec. 31, 2019 Dec. 31, 2018 Assets Cash $49,000 $28,000 Accounts receivable 42,000 50,000 Inventory 107,000 113,000 Prepaid advertising 10,000 13,000 PPE 360,000 222,000 Accumulated depreciation (78,000) (56,000) Total assets $490,000 $370,000 Liabilities and Stockholders' Equity Accounts payable $17,000 $31,000 Interest payable 6,000 Bonds payable Common stock Retained earnings 200,000 245,000 245,000 52,000 94,000 Treasury stock Total liabilities and equity (30,000) $490,000 $370,000 During 2019, Arctic sold land for $70,000 cash that had originally cost $45,000. Arctic also purchased equipment for cash, acquired treasury stock for cash, and issued bonds payable for cash in 2019. Accounts payable relate to merchandise purchases. Required a. Compute the change in cash that occurred during 2019. Note: Do not use a negative sign with your answer. $ 21,000 Decrease in cash