Western Resources Balance Sheet At December 31, 20X5 Western Resources Income Statement For the Period Ended December 31, 20X5 Assets 20x5 Current assets Cash Accounts receivable Allowance for Doubitul Accounts Inventory Prepaid Rent Long-term assets Land Buildings and Equipment 20X4 Sales Revenue 1,180,000 $ 950,000 Cost of Goods Sold 1,325,000 2,000,000 Gross Profit (159,000) (240,000) 10,000,000 (6,000,000) 4,000,000 4,800,000 270,000 1,500,000 Operating Expenses 120,000 Rent Expense $ (600,000) Utilities Expense (235,000) $ 1,810,000 2,000,000 Depreciation Expense (500,000) 4,600,000 4,500,000 Bad Debts Expense (94,000) Accumulated Depreciation Total assets Liabilities and Stockholders' Equity (1,815,000) (1.500.000) Total Operating Expenses S (1.429,000) 12,011,000 $ 9,330,000 Other Current liabilities Accounts payable Interest payable Income taxes payable Dividends payable Interest Expense $ (240,000) 4,100,000 $ 3,000,000 Gain on Sale of Building 40.000 540,000 500,000 Loss on Sale of Land (90,000) 140,250 170,000 60,000 Long-term liabilities Long-term debt 1,925,000 10,000 Income Before Income Taxes S Income Tax Expense 2,000,000 Net Income 2.281,000 (570,250) $ 1,710,750 Stockholders' Equity Common stock Retained earnings 1,535,000 3,710,750 1,500,000 2,150,000 Total liabilities and shareholders' equity $ 12,011,000 $ 9,330,000 Additional information: The following journal entry was recorded during the year Building 300,000 Cash 300,000 Required: Using the balance sheet and income statement above, complete the operating section worksheet, a complete statement of cash flows using the indirect method, and a complete statement of cash flows using the direct method