The balance sheets for Plasma Screens Corporation, along with additional information, are provided below:
PLASMA SCREENS CORPORATIONBalance SheetsDecember 31, 2018 and 2017 AssetsCurrent assets:CashAccounts receivableInventoryPrepaid rentLong-term assets:LandEquipmentAccumulated depreciationTotal assetsLiabilities and Stockholders’ EquityCurrent liabilities:Accounts payableInterest payableIncome tax payableLong-term liabilities:Notes payableStockholders’ equity:Common stockRetained earningsTotal liabilities and stockholders’ equity2018 $108,90082,000105,0006,000 530,000830,000(438,000)$1,223,900 $109,0006,90010,000 115,000 750,000233,000$1,223,9002017 $126,80097,00089,0003,000 530,000720,000(288,000)$1,277,800 $94,00013,8006,000 230,000 750,000184,000$1,277,800
Additional Information for 2018: 1. Net income is $79,000. 2. The company purchases$110,000 in equipment. 3. Depreciation expense is $150,000. 4. The company repays$115,000 in notes payable. 5. The company declares and pays a cash dividend of $30,000. Prepare the statement of cash flows using the indirect method.