Use the income statement and balance sheet to create a statement of cashflows using the indirect method. Please zoom in to read additional notes $1-5.$ Thank you scholars of chegg!:$)))\backslash$table$[[$Long$-$term assets:$],[$Invest ments,,$211,000,120,000],[$Land$,,208,500,255,000],[$Equipment$,,203,000,2033,000],[$Accumulated depreciation,,$(117,500),(101,500)],[$Total assets,$$,895,600,717,800],[$Liabilities and Stockholders' Equity$],[$Current liabilities:$],[$ccounts payable,$$,26,500,81,000],[$Interest payable,,$3,400,2,300],[$Income tax payable,,$30,200,32,500],[$Long$-$term liabilities:$],[$Notes payable,,$255,000,242,000],[$Stockholders$\text{'}$ equity:$],[$Comman stock,,$273,000,230,000],[$Retained earnings,,$\backslash$bar $(3)\backslash$bar $(0)\backslash$bar $(,),\backslash$bar $(0)\backslash$bar $(0),13\backslash$bar $(0),\backslash$bar $(0)\backslash$bar $(0)0],[$Total liabilities and stockholders' equity,$$,895,60\backslash$bar $(0),717,800],[$Additional Information for $20\backslash$times $2$ :$,,,]]$

Additional Information for $20$x$2$:

Assume that all increases and decreases in long term assets, long term liabilities, and common stock are a result off cash transactions.

Land costing $$46,500$ was sold, resulting in a gain of $$6,500.$ No other lang$-$term assets were sold,

Additional long$-$term investments were purchased.

An additional long$-$term note payable was signed. No repayments on notes were made.

Additional comman atock wa$$ i$$ued$.$

$***$Use the income statement and balance sheet to prepare a statement of cash flows using the indirect method! Thank you Chegg! $<msup\; id="EditorElement\_3463329"><mrow><mn\; id="EditorElement\_3463311">3</mn><mn\; id="EditorElement\_3463312">3</mn></mrow><mrow\; id="EditorElement\_3463328"><mi\; id="EditorElement\_3463315">*</mi><mi\; id="EditorElement\_3463317">*</mi><mi\; id="EditorElement\_3463319">*</mi><mi\; id="EditorElement\_3463321">*</mi><mi\; id="EditorElement\_3463323">*</mi><mi\; id="EditorElement\_3463325">*</mi></mrow></msup>$

Note: To complete the assignment, go to the worksheet tab labeled Cash Flow and complete the statement of cash flows.

$\backslash$table$[[$INNOVATION ELECTRONICS, INC.$],[$Income Statement$],[$Net sales,,$2,430,000],[$Gain on sale of land,,$6,500],[,,2,436,500],[$Total revenues,,$],[,,],[$Expenses:$,1,565,000,],[$Cost of goods sold,$16,000,],[$Operating expenses,$17,000,],[$Depreciation expense,$63,000,],[$Interest expense,,$],[$Income tax expense,,$2,259,000],[$Total expenses,,$177,500]]$