*USE INDIRECT METHOD*

The financial statements of Lowz Company appear below

IThe financial statements of Lowz Company appear below: LOWZ COMPANY Comparative Balance Sheet December 31 2013 Assets Cash Accounts receivable Merchandise inventory Property, plant, and equipment Accumulated depreciation Total Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total LOWZ COMPANY Incorne Statement For the Year Enged December 31.2014 Cost of goods sold Gross profit Depreciation Ekpense Opelaunq expenses Income Irom operations Interest expense Income beture ncorne taxes Income tax expense Net The additional data weie provided 2014 $ 36,000 25,000 32,000 50,000 (21.000) S 18,000 9,000 8.000 28,000 59.000 $ 23,000 34,000 15.000 18,000 s 23,000 8,000 33,000 24,000 38 sooooo 130.000 851100 the equipment was sold for castr This equiprnent cost G2B.OOO and had a book value ot S I'/ 1000 at the time Of sale Instruction': Prepare a statement cash 'lows for LOW' Company the "direct method