The following information relates to Henrichs Hat Store Inc. for the year ended December 31, 20X8.

Henrichs Hat Store Inc. Balance Sheet, December 31, 20X8

Assets 200X8 20X7

current assets

cash 280000 300000

Accounts receivable 750000 690000

inventory 660000 320000

total current assets 1,690,000 1,310,000

Land 300,000 0

building and fixtures 700,000 550,000

less: accumulated depreciation 100,000 80,000

Total assets $2,590,000 1,780,000

Liabilities

current liabilities

Account Payable 460,000 430,000

Taxes Payable 200,000 170,000

total current liabilities 660,000 600,000

stock holder equity

common stock 200,000 150,000

capital excess of par 1,220,000 750,000

retained earnings 510,000 280,000

total stock holder equity 1,930,000 1,180,000

total liabilities and

stock holder equity $2,590,000 1,780,000

Henrichs Hat Store Inc. Income Statement for the Year Ended December 31, 20X8

sales revenue $6,000,000

cost of good sold (4,600,000)

gross profit 1,400,000

depreciation expense (20,000)

other expenses (840,000)

earning before tax $40,000

yax expense (140,000)

net income $400,000

Other information: a. The company purchased a building and fixtures with cash during the year, but none were sold. b. Dividends of $170,000 were declared and paid. c. Cash proceeds from the sale of common stock totaled $520,000. d. Land was purchased for $300,000 cash. Prepare the statement of cash flows for Henrichs Hat Store Inc. for the year ended December 31, 20X8 using the indirect method. do only operating section