Weygandt, Financial & Managerial Accounting, 2e Help I S RCES Problem 13-9A Condensed financial data of Cheng Inc. follow. ork CHENG INC. Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Prepaid expenses Investments Equipment Accumulated depreciation-equipment 2017 $80,800$48,400 2016 33,000 26,000 92,800 117,500 102,850 28,400 143,000 270,000 242,500 (50,000)(52,000) 114,000 Total 682.500$514.750 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings $112,000 $67,300 17,000 110,000 150,000 220,000 175,000 105,450 $682,500 $514,750 16,500 224,000 Total CHENG INC. Income Statement For the Year Ended December 31, 2017 Sales revenue Less: $392,780 Cost of goods sold $135,460 12,410 46,500 27,280 4,730 Operating expenses, excluding depreciation Depreciation expense Income tax expense Interest expense Loss on disposal of plant assets Net income 7,500 233,880 $158,900 Additional information: 1. New equipment costing $85,000 were purchased for cash during the year 2. Old equipment having an original cost of $57,500 was sold for $1,500 cash. 3. Bonds matured and were paid off at face value for cash. 4. A cash dividend of $40,350 was declared and paid during the year. Prepare a statement of cash flows using the indirect method. (Show amounts that decre