The following are the financial statements of Splish Brothers Inc. Splish Brothers Inc. Comparative Balance Sheets December 31 Assets 2019 Cash $36,400 Accounts receivable 33.000 Inventory 29.700 Equipment 59.800 Accumulated depreciation-equipment (29.700) Total $129,200 2018 $20.600 18.700 20.000 77,000 (23.500) $112.800 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $29,000 7,500 27,400 18,600 46.700 $129.200 $16.200 8.300 33.000 14.300 41.000 $112,800 Splish Brothers Inc. Income Statement For the Year Ended December 31, 2019 Sales revenue $242.900 Cost of goods sold 175.200 Gross profit 67.700 Operating expenses 24.100 Income from operations 43,600 Interest expense 3,500 Income before income taxes 40.100 Income tax expense 7.700 Net $32.400 Additional data: 1 2 Dividends declared and paid were 526,700 During the year, equipment was sold for 59,700 cash. This equipment cost $17.200 originally and had a book value of $9,700 at the time of sale. All depreciation expense. $13,700, is in the operating expenses All sales and purchases are on account. 3 4. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with other on -15,000 or in parenthesis es (15.0001 Splish Brothers Inc. Statement of Cash Flows Adjustments to reconcile net income to > > >