ternative formats Question #5: Selected financial statement information and additional data for Johnston Enterprises is presented below Johnston Enterprises Balance Sheet and Income Statement Data December 31, December 31, 2017 __2016 Current Assets: Cash $153,000 $119,000 Accounts Receivable 238,000 306,000 Inventory 391.000 340.000 Total Current Assets 782,000 765,000 Property, Plant, and Equipment 1,241,000 1,122,000 Less: Accumulated Depreciation (476.000) (442.000) Total Assets $1.547.000 $1.445.000 Current Liabilities: Accounts Payable Notes Payable Income Taxes Payable Total Current Liabilities $187.000 51,000 85.000 323,000 $102,000 68,000 76.500 246,500 Bonds Payable Total Liabilities 340.000 663.000 391.000 637.500 Stockholders' Equity: Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities & Stockholders' Equity 510,000 374.000 884.000 $1.547.000 467,500 340.000 807.500 $1.445.000 Sales Revenue 1,615,000 $1,513,000 Less Cost of Goods Sold 751.000 731.000 Gross Profit 864,000 782,000 Expenses: Depreciation Expense 153,000 136,000 Salaries and Wages Expense 391,000 357,000 Interest Expense 34,000 34,000 Loss on Sale of Equipment 12.000 0 Income Before Taxes 274,000 255,000 Less Income Tax Expense 110.000 102.000 Net Income $164.000 $153.000 Additional Information: During the year, Johnston sold equipment with an original cost of $153,000 and accumulated depreciation of $119,000. They purchased new equipment for $272.000 Hint: Cash flow from the sale of equipment - $22,000. Net Increase in cash = $34,000 Required: Prepare a statement of cash flows for the year ending December 31, 2017