Use the following data for Motown Record to prepare a statement of cash flows using the indirect method for the year ended June 30, 2019 Motown Records Income Statement For the Year Ended June 30, 2019 $700,000 Sales Less expenses Cost of goods sold $400,000 40,000 Depreciation expense Administrative expenses Selling expenses 104,000 70,000 Loss on sale of investment 1,000 615.000 Income before income taxes 85,000 Income taxes expense '20,000 Net income $ 65.000 Motor Records Motown Records Comparative Balance Sheets June 30, 2019 and 2018 Assets 2019 2018 Cash $ 9,000 $ 30,000 Accounts receivable (net) 70,000 55,000 80,000 100,000 Inventory Prepaid insurance Long-term investments 6,000 5,000 40,000 50,000 160,000 80,000 Plant and equipment Accumulated depreciation _(40,000) _(24,000) Total assets $325,000 $296,000 Liabilities Accounts payable $ 4,000 $ 12,000 Wages payable 440 520 Income taxes payable 1,560 1,480 Notes payable 40,000 24,000 Total liabilities $ 46,000 $ 38,000 Stockholders' Equity Common stock $ 116,000 $130,000 Retained earnings 163,000 128,000 Total stockholders' equity $279,000 $258,000 $325,000 $296,000 Total liabilities and stockholders' equity Additional information: A plant asset costing $40,000 was sold for its book value of $16,000. A long-term investment was sold for $9,000. The outstanding notes are long-term. A $16,000 note was issued during 2019