Sulyat Corpo ration's comparative balance sheets as of June 30, 20x7 and Sulyat Corporation Comparative Balance Sheets June 30, 20x7 and 20x6 20x6 20x7 Assets s 20,000 120,000 220,000 1,000 552,000 Cash Accounts receivable (net) inventory Prepaid expenses Property, plant, and equipment Accumulated depreciation, property plant, and equipment $167,000 100,000 180,000 600 628,000 183,000 40,000) $892,600 $773,000 Total assets Liabilities and Stockholders' Equity 64,000 30,000 26,000 360,000 200,000 212,600 S 42,000 80,000 18,000 280,000 200,000 153,000 Accounts payable Notes payable (due in 90 days) Income taxes payable Mortgage payable Common stock, $5 par value Retained earnings Total liabilities and stockholders' equity $773,000 $892,600 During 20x7, Sulyat Corporation sold equipment that cost $24,000, on which it had accumulated depreciation of $17,000, at a loss of $4,000. The corporation aiso pur- chased land and a building for $100,000 through an increase of $100,000 in Mortgage Payable; made a $20,000 payment on the mortgage; repaid notes of $80,000 but bor- rowed an additional $30,000 through the issuance of a new note payabie; and deciared and paid a $60,000 cash dividend. REQUIRED1. Using the indirect method, prepare a statement of cash fiows. Include a supporting schedule of noncash investing and financing transactions Sulyat Corporation Income Statement For the Year Ended June 30, 20x7 Net sales $1,040,900 656,300 Cost of goods sold Gross margin Operating expenses (including depreciation expense of $60,000) Income from operations Other income (expenses) Loss on sale of equipment S 384,600 189.200 S 195,400 (S 4,000 (37600 (41,600) Interest expense Income before income taxes Income taxes S 153,800 34.200 Net income s 119,600