The 2018 comparative balance sheet and income statement of Allentown Group, Inc. follow. Allentown disposed of a plant asset at book value during 2018. (Click the icon to view the comparative balance sheet.) (Click the icon to view the income statement.) Prepare the spreadsheet for the 2018 statement of cash flows. Format cash flows from operating activities by the indirect method. A plant asset was disposed of for $0. The cost and accumulated depreciation of the disposed asset was $13,600. There were no sales of land, no retirement of common stock, and no treasury stock transactions. Assume plant asset and land acquisitions were for cash. Use the transaction references in Panel B when selecting the transaction references in Panel A. (If a box is not used in the spreadsheet, leave the box empty; do not select a label or enter a zero. Do not check your answer until both Panel A and Panel B have been completed.) Allentown Group, Inc. Comparative Balance Sheet December 31, 2018 and 2017 Assets 2018 2017 Current Assets: Cash 11,100 $ 15,400 Accounts Receivable 42,500 43,500 Merchandise Inventory 96,500 93,200 Long-term Assets: Land Plant Assets Accumulated Depreciation-Plant Assets 36,700 11,000 121,660 112,960 (20,060) (18,460) $ 288,400 $ 257,600 Total Assets Current Liabilities: Liabilities Land Plant Assets Accumulated Depreciation-Plant Assets Total Assets Liabilities 36,700 11,000 121,660 112,960 (20,060) (18,460) $ 288,400 $ 257,600 Current Liabilities: Accounts Payable Accrued Liabilities Long-term Liabilities: Notes Payable Total Liabilities $ 24,700 $ 26,300 23,700 22,200 52,000 62,000 100,400 110,500 Stockholders' Equity Common Stock, no par 135,300 127,300 52,700 19,800 Retained Earnings 188,000 147,100 Total Stockholders' Equity $ 288,400 $ 257,600 Total Liabilities and Stockholders' Equity Allentown Group, Inc. Income Statement Year Ended December 31, 2018 Net Sales Revenue Cost of Goods Sold Gross Profit $ 437,000 205,400 231,600 Operating Expenses: Salaries Expense $ 76,600 Depreciation Expense-Plant Assets 15,200 49,400 Other Operating Expenses Total Operating Expenses 141,200 Operating Income 90,400 Other Income and (Expenses): Interest Revenue Interest Expense Total Other Income and (Expenses) 11,400 (24,200) (12,800) Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses: 437,000 205,400 231,600 Salaries Expense $ 76,600 Depreciation Expense-Plant Assets 15,200 49,400 Other Operating Expenses Total Operating Expenses 141,200 Operating Income 90,400 Other Income and (Expenses): Interest Revenue 11,400 Interest Expense (24,200) Total Other Income and (Expenses) (12,800) Net Income Before Income Taxes 77,600 Income Tax Expense 16,300 $ 61,300 Net Income Allentown Group, Inc. Spreadsheet for Statement of Cash Flows Year Ended December 31, 2018 Balance Transaction Analysis Balance Panel A-Balance Sheet: 12/31/2017 DEBIT CREDIT 12/31/2018 Cash $ 15,400 $ 4,300 (m) $ 11,100 Accounts Receivable 43,500 1,000 (c) 42,500 Merchandise Inventory Land Plant Assets 93,200 (d) $ 3,300 96,500 11,000 (i) 25,700 36,700 112,960 (h) 13,600 (g) 121,660 Accumulated Depreciation-Plant Assets (18,460) (g) 13,600 (b) (20,060) $ 257,600 $ 288,400 Total Assets Accounts Payable Accrued Liabilities Notes Payable 26,300 (e) 1,600 24,700 22,200 1,500 (f) 23,700 62,000 (j) 10,000 52,000 Accrued Liabilities Notes Payable Total Liabilities Common Stock Retained Earnings Total Liabilities and Stockholders' Equity 1,500 (f) 22,200 23,700 62,000 (j) 52,000 10,000 110,500 100,400 127,300 8,000 (k) 135,300 19,800 (1) 52,700 (a) $ 257,600 $ 288,400 Panel B-Statement of Cash Flows: Cash Flows from Operating Activities: Net Income (a) Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Depreciation Expense-Plant Assets (b) Decrease in Accounts Receivable (c) 1,000 Increase in Merchandise Inventory 3,300 (d) INLIGASE IIIALLI UCU LIQUINICS Net Cash Provided by Operating Activities Cash Flows from Investing Activities: Cash Payment for Acquisition of Plant Assets Cash Payment for Acquisition of Land Net Cash Used for Investing Activities B (1) 1,500 (h) 25,700 (i) Cash Flows from Financing Activities: Cash Payment of Notes Payable 10,000 (j) Cash Receipt from Issuance of Common Stock (k) 8,000 Cash Payment of Dividends (1) Net Cash Used for Financing Activities Net Decrease in Cash (m) 4,300 Non-cash Investing and Financing Activities: Disposal of Plant Asset at Book Value 13,600 Total Non-cash Investing and Financing Activities 13,600 (g) Total