NORTH COMPANY Income Statement For the Year Ended December 31, 2019 $770,000 Sales Revenue Cost of Goods Sold $550,000 Wages Expense Advertising Expense 195,000 31,000 Depreciation Expense 24,000 Interest Expense 20,000 Gain on Sale of Land (25,000) 795,000 Net Loss $(25,000) NORTH COMPANY Balance Sheets Dec. 31, 2019 Dec. 31, 2018 Assets $32,000 $80,000 Cash 49,000 42,000 Accounts Receivabl 107,000 115,000 Inventory Prepaid Advertising 10,000 14,000 Plant Assets 360,000 210,000 Accumulated Depreciation (80,000) (56,000) Total Assets $519,000 $364,000 Liabilities and Stockholders' Equity Accounts Payable $19,000 $25,000 Interest Payable Bonds Payable 6,000 210,000 Common Stock 245,000 245,000 Retained Earnings 69,000 94,000 Treasury Stock Total Liabilities and Stockholders' Equity (30,000) $519,000 $364,000 During 2019, North sold land for $70,000 cash that had originally cost $45,000. North also purchased equipment for cash, acquired treasury stock for cash, and issued bonds payable for cash. Accounts payable relate to merchandise purchases. Required a. Calculate the change in cash that occurred during 2019. b. Prepare a statement of cash flows using the indirect method. a. Change in Cash during 2019 s 0 Cash Flow from Operating Activities Net Loss Add (deduct) items to convert net income to cash basis Depreciation Gain on Sale of Land Accounts Receivable Inventory Prepaid Advertising Accounts Payable Interest Payable Cash Flow Used by Operating Activities Cash Flow from Investing Activities Sale of Land Purchase of Plant Assets Cash Used by Investing Activities Cash Flow from Financing Activities Issuance of Bonds Payable Purchase of Treasury Stock Cash Provided by Financing Activities Net Change in Cash Cash at Beginning of Year Cash at End of Year 24 Please answer all parts of the question. %24