Trainer Exercise Equipment, Inc. Income Statement Year Ended December 31, 2018 Net Sales Revenue 715,000 348,000 Cost of Goods Sold Gross Profit 367,000 Operating Expenses: Depreciation Expense $ 51,000 195,000 Other Operating Expenses 246,000 Total Operating Expenses $ 121,000 Net Income Trainer Exercise Equipment, Inc. Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 Assets Current Assets: Cash 22,000 $ 19,000 Accounts Receivable 53,000 50,000 Merchandise Inventory 87,000 88,000 Long-term Assets: Plant Assets 269,000 213,500 Accumulated DepreciationPlant Assets (45,000) 91,000 (34,500) 76,000 Investments 477,000 $ 412,000 Total Assets Liabilities Liabilities Current Liabilities: Accounts Payable $ 75,000 $ 74,000 Salaries Payable 5,000 7,000 Long-term Liabilities: Notes Payable 57,000 65,000 Total Liabilities 137,000 146,000 Stockholders' Equity Common Stock, no par 46,000 294,000 36,000 230,000 Retained Earnings Total Stockholders' Equity 340,000 266,000 $ 477,000 $ 412,000 Total Liabilities and Stockholders' Equity Trainer calculated the following amounts for 2018: Acquisition value of plant assets, $96,000. Payment of dividends, $57,000. Payment of long-term notes payable, $8,000. Cash receipt from issuance of common stock, $10,000. Trainer Exercise disposed of plant assets at book value. The cost and accumulated depreciation of the disposed asset was $40,500. No cash was received upon disposal. Print Done Trainer Exercise Equipment, Inc. reported the following financial statements for 2018: (Click the icon to view the income statement.) (Click the icon to view the comparative balance sheet.) Prepare the company's statement of cash flows-indirect methodfor the year ended December 31, 2018. Assume investment are purchased with cash. (Use a minus sign or parentheses for amounts that result in a decrease in cash. If a box is not used in the statement, leave the box empty; do not select a label or enter a zero.) (Click the icon to view additional information.) Complete the statement one section at a time, beginning with the cash flows from operating activities. Trainer Exercise Equipment, Inc. Statement of Cash Flows Year Ended December 31, 2018 Cash Flows from Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities