The following comparative balance sheets and other data are for Cellular Telephone Sales, Inc CELLULAR TELEPHONE SALES, INC. Comparative Balance Sheets December 31, 2019 and 2018 2019 Problem 26-2 Prepare statement of cash Mows under the indirect method (LO.4) 2018 Assets Cash Accounts receivable, net Merchandise inventory Supplies on hand Prepaid expenses Land Equipment Accumulated depreciation equipment Total assets $ 152 210 52,150 60.000 3.500 2.800 360.000 540.000 (150,000) $1,020,660 $102,000 48,500 70,000 5.100 2.400 285.000 600.000 (135,000) $978,000 D Liabilities and Stockholders' Equity Accounts payable Salaries payable Accrued liabilities payable Long-term note payable Common stock ($5 par) Paid-in capital in excess of par Retained earnings Total liabilities and stockholders' equity $ 90,660 8,000 4,000 300,000 370,000 65,000 183,000 $1,020,660 $ 152,600 4,000 16,500 300.000 330,000 174.900 $978,000 data ME 1. Land was bought for $75,000 cash. The company intends to build a building on the land. Currently, the company leases a building for its operations. 2. Equipment costing $100,000 with accumulated depreciation of $60,000 was sold for $47,000 (a gain of $7,000), and equipment costing $40,000 was purchased for cash. 3. Depreciation expense for the year was $75,000. 4. Common stock was issued for $105,000 cash. 5. Dividends declared and paid in 2019 totaled $65,900. 6. Net income was $74,000. 7. The company paid interest of $6,000 and income taxes of $34,000. Prepare a statement of cash flows under the indirect method. Also prepare any necessary supplemental schedule(s)