Sulyat Corporation's comparative balance sheets as of June 30, 20x7 and 20x6 are as Sulyat Corporation Comparative Balance Sheets June 30, 20x7 and 20x6 20x7 20x6 Assets Cash Accounts receivable (net) Inventory Prepaid expenses Property, plant, and equipment Accumulated depreciation, property plant, and equipment Total assets $167,000 100,000 180,000 600 20,000 120,000 220,000 1,000 552,000 628,000 183 $892,600 $773,000 Liabilities and Stockholders' Equity Accounts payable Notes payable (due in 90 days) Income taxes payable Mortgage payable Common stock, $5 par value Retained earnings S 42,000 80,000 S 64,000 30,000 26,000 360,000 200,000 212.600 18,000 280,000 200,000 153,000 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 S100,000 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 payable; and declared and paid a $60,000 cash dividend. 1. Using the indirect method, prepare a statement of cash flows. Include a supporting schedule of noncash investing and financing transactions. REQUIRED Sulyat Corporation income Statement For the Year Ended June 30, 20x?7 Net sales 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 $1,040,900 656,300 S 384,600 189,200 S 195,400 S 4,000) (37,600 (41,6 S 153,800 34,200 Interest expense Income before income taxes Income taxes S 119,600 Net income