Using the balance sheet from the end of last year $($when the company was still a proprietorship$)$ and the balance sheet just created, prepare a cash flow statement using the indirect method. Round answers to the nearest whole number.

Note: No Property, Plant and Equipment was sold during the year.

Hint : Amortized bond discount or premium should be added to the operating activities, if there is any. Carrying amount of the bonds should be presented in the financing activities. Electric Inc.

Income Statement

For the Year Ended December $31,2023$

Sales Revenue $$1,050,000$

Less: Sales Discounts $31,500$

Sales Returns and Allowances $52,50084,000$

Net Sales $966,000$

Cost of Goods Sold $441,000$

Gross Profit $525,000$

Operating Expenses

Depreciation Expense $$45,000$

Insurance Expense $5,800$

Maintenance Expense $36,300$

Professional Fees Expense $24,800$

Rent Expense $49,200$

Salaries Expense $80,700$

Telephone Expense $6,110$

Travel Expense $27,700$

Total Operating Expenses $275,610$

Income from operations $249,390$

Other income and expenses

Interest Revenue $16,363$

Revenue from investment in HSBC Inc. $136,640$

Unrealized gain on Fair Value Adjustment $50,700$

Interest Expense $(54,812)148,891$

Income $($loss$)$ from Continuing Operations before Income Tax Expense $398,281$

Income Tax Expense $135,415$

Income $($Loss$)$ from Continuing Operations $262,866$

Discontinued Operations

Loss from Discontinued Operations $(72,000)$

Income tax savings $-$ Discontinued Operations $24,480(47,520)$

Net Income $$215,346$