The 2018 comparative balance sheet and income statement of Smithson Pet Supply, Inc., are: Click the icon to view the comparative balance sheet) (Click the icon to view the income statement.) Smithson Pet Supply, Inc., had no noncash investing and financing transactions during 2018. During the year, Smithson Pet Supply, Inc., sold no land or equipment, issued no notes payable, retired no stock, and had no treasury stock transactions Read the requirements. Requirement 1. Prepare the 2018 statement of cash flows, formatting operating activities using the indirect method. Complete the statement one section at a time, beginning with the cash flows from operating activities. (Use parentheses or a minus sign for numbers to be subtracted) Smithson Pet Supply, Inc. Statement of Cash Flows Year Ended December 31, 2018 Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense 70000 Net cash provided by used for) operating activities Comparative balance sheet 2018 2017 (Decrease) $ Current Assets: Cash and cash equivalents Accounts receivable Inventory Fixed Assets: Land 6,400 $ 25,400 91,600 5,300 $ 26,800 89,500 1,100 (1,400) 2,100 19,100 4,600 Equipment, net 89,100 70,000 53,900 49,300 $ 266,400 $ 240,900 $ 25,500 Total Assets $ 30,400 $ 30,700 35,000 $ 28,900 (4.600) 1,800 Current Liabilities: Accounts payable Accrued liabilities Long-Term Liabilities: Notes payable Stockholders' Equity: Common stock. Retained earnings Total Liabilities and Stockholders' Equity 73,000 104,000 (31,000) 23,300 . 88,200 44,100 64,900 8,100 36,000 266,400 $ 240,900 $ 25,500 Income statement Smithson Pet Supply, Inc. Income Statement Year Ended December 31, 2018 Revenues: Sales revenue $ 218,000 7,800 Interest revenue Total revenues $ 225,800 $ 71,000 Expenses: Cost of goods sold Salaries expense Depreciation expense Other operating expenses 27,200 4,700 10,600 Interest expense 12,400 29,900 Income tax expense Total expenses 155,800 Net Income $ 70,000