The following are the financial statements of Nosker Company NOSKER COMPANY Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Equipment Accumulated depreciation-equipment 2020 2019 $36,000 $19,000 18,000 20,000 77,000 (29,000) (23,000) $127,000 $111,000 32,000 29,000 59,000 Total Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings $28,000 16,000 8,000 32,000 13,000 42,000 $127,000 $111,000 7,000 26,000 17,000 49,000 Total NOSKER COMPANY Income Statement For the Year Ended December 31, 2020 Sales revenue Cost of goods sold Gross profit Operating expenses Income from operations Interest expense Income before income taxes Income tax expense Net income $241,000 175,000 66,000 23,000 43,000 2,000 41,000 7,000 $34,000 Additional data: 1. Dividends declared and paid were $27,000 2. During the year, equipment was sold for $8,700 cash. This equipment cost $18,000 originally and had a book value of $8,700 at the time of sale. 3. All depreciation expense, $15,300, is in the operating expenses. 4. All sales and purchases are on account. Further analysis reveals the following. 1. Accounts payable pertain to merchandise suppliers. 2. All operating expenses except for depreciation were paid in cash. Prepare a statement of cash flows for Nosker Company using the direct method. (Sho NOSKER COMPANY Statement of Cash Flows