Young Athletic Company, a merchandiser, recently completed its calendar-year 2019 operations. Young Athletic Company's balance sheets and income statement follow: December 31, 2019 2018 Assets Cash Accounts receivable $ 73,500 50,625 251,800 Merchandise Inventory Prepaid Expenses Equipment $ 79,800 65,810 275,656 1,250 157,500 (36,625) 1,875 Accumulated depreciation 108,000 (46,000) $439,800 Total Assets $543,391 $83,141 $114,675 6,000 Liabilities and Equity Accounts payable Short-term notes payable Long-term notes payable Common Stock Retained earnings Total liabilities and equity 10,000 65,000 200,250 185,000 $543,391 48,750 150,250 120,125 $439,800 Young Athletic Company Income Statement For the year ended December 31, 2019 Revenues: Sales Cost of goods sold Gross profit Operating expenses, including depreciation expense Loss on sale of equipment Income before taxes Income tax expense Net Income $582,500 285,000 $297,500 153,150 5,125 139,225 24,250 $114,975 Additional information on year 2019 transactions 1. Sold equipment costing $46,875, with accumulated depreciation of $30,125. 2. Purchased equipment costing $96,375 by paying $30,000 cash and signing a long-term note payable for the balance Required Prepare a complete statement of cash flows; report its operating activities using the indirect method. Disclose any non-cash investing and financing activities in a note at the bottom of your statement of cash flows