The Statement of financial account balances as at December 31, 2019 and 2018 and Income Statement of Wood Inc. are presented below: Statement of Financial Position Account Balances December 31 2019 2018 Cash $58,XXXX $18,000 Accounts receivable, net 40,000 32,XXX Inventory 42,500 38,200 Building and equipment 67,000 88,000 Accumulated depreciation (31,000) (35,000) Accounts payable $21,000 $18,500 Salaries payable 3,800 7,000 L-T Debt Payable 25,000 0 7.XXX 5,000 Common shares 119,700 110,700 Retained earnings Ranlare XXX with the last three digits of your student number. Replace XXX with the last three digits of your student number. Wood Inc. Income Statement For the Year Ended December 31, 2019 Sales $125,000 Cost of goods sold 48,000 Gross profit 77,000 Gain on Sale of equipment 7,000 Depreciation expenses 8,000 Salaries expenses 41,000 Other Operating Expenses 16.000 Operating income 19,000 6.000 Income taxes $13,000 Profit Additional information: 1.) Equipment was purchased during the year for $10,000 cash. cold during the year. It had accumulated depreciation of $ 12.00 Operating income Income taxes Profit Additional information: 16,000 19,000 6,000 $13,000 1.) Equipment was purchased during the year for $10,000 cash. 2.) Another piece of equipment was sold during the year. It had accumulated depreciation of $ 12,000. The gain on sale of this equipment is recorded in Income statement. Prepare the cash from (for) operating activities section of the statement of cash flows for 2019 using the direct method