The following information is provided for SSP Corporation for 20X2.

Income Statement

For the year-ended December 31, 20X2

Sales $150,000

COGS $70,000

Gross profit $80,000

Salary expense $39,500

Rent expense $8,500

Bad debt expense $4,000

Depreciation expense $9,000

Utilities expense $3,000

Interest expense $2,000

Other expense $3,000

Gain from sale of equipment $(2,000)

Income before tax $13,000

Income tax expense $4,000

Net income $9,000

Balance Sheet 20X1 20X2 Change Cash $20,000 $17,500 $ (2,500) A/R (net) 35,000 40,000 5,000 Inventory 55,000 52,000 (3,000) Prepaid expenses 2,000 2,500 500 Long-term invest. 8,500 8,500 Plant & Equipment 70,000 80,000 10,000 Accum. Deprec. (20,000) (26,000) (6,000) Land 20,000 35,000 15,000 Total assets $182,000 $209,500 $27,500 Accounts payable $16,000 $17,000 $1,000 Wages payable 12,000 10,000 2,000) Accrued expenses 3,500 2,500 (1,000) Utilities payable 3,000 4,000 1,000 Taxes payable 5,000 3,000 (2,000) nterest payable 4,000 5,000 1,000 Dividends payable 6,500 3,500 3,000) Long-term Note 10,000 10,000 Bonds payable 50,000 50,000 Discount B/P (3,500 (3,000) 500 Common stock 52,500 55,000 12,500 APIC 20,000 30,000 10,000 Retained earnings 15,000 17,500 2,500 Treasury stock (2,000) (5,000) (3,000) Tot. Liab. & Equity $182,000 $209,500 $27,500 Note: SSP sold equipment with an original cost of $15,000. Make sure you reconcile the Plant & Equipment account, a purchase may have occurred as well. :-) Required: Prepare the statement of cash flows using the indirect method. You may abbreviate in your descriptions to save time (i.e. "Incr A/P" versus "Increase in Accounts Payable")