SUNLAND LTD. Statement of Finandial Position December 31 Assets 2018 2017 Cash 5 50,000 30,000 82,000 73,000 182,000 201,000 78,000 110,000 290,000 194,000 Equipment Accumulated depreciation Total assets (62,000 ) ( 30,000) $ 620,000 $578,000 Liabilities and Shareholders' Equity Accounts payable Bank loan payable Common shares Retained earnings Total liabilities and shareholders equity $620,000 $30,000 54,000 200,000 215,000 95,000 176000 195,000 133,000 $578,000 Additional information: 1. Net income was $115,800 2. Sales were $994,000. 3. Cost of goods sold was $ 757,000. 4. Operating expenses were $47,000, exclusive of depreciation expense. 5. Depreciation expense was $ 32.000 6 Interest expense was $19,000. Income tax expense was $ 29,000. 8. Long-term investments were sold at a gain of $ 5,800. 9. No equipment was sold during the year. 10. $15,000 of the bank loan was repaid during the year 11. Common shares were issued for $19,000, P epare asien enL of cash nons ushalhe indirccL ntelhod. Show amounts that decrease cash fo with elt n 4-45 0 era a .or 1, pa en eske 45,000 J soooy SUNLANDLTD. Statemcnt of Cash Flows-Indirect Mcthod Adustments to reconcile net income to