Exercise 11-10 Prepare a statement of cash flows-indirect method (LO11-2, 11-3) The balance sheet for Plasma Screens Corporation, along with additional information, are provided below PLASMA SCREENS CORPORATION Balance Sheets December 31, 2018 and 2017 2018 2017 Assets Current assets Cash Accounts receivable Inventory Prepaid rent $ 151,300 $ 166,800 89,000 74,600 1,400 75,600 89,000 2,800 Long-term assets Land Equipment Accumulated depreciation 450,000 640,000 (412,000) (256,000) 450,000 744,000 Total assets $1,100,700 $1,165,800 Liabilities and Stockholders' Equity: Current liabilities Accounts payable Interest payable Income tax payable $ 93,000 $ 79,600 13,800 4,400 6,900 6,800 Long-term liabilities Notes payable 15,000 230,000 Stockholders' equity: Common stock Retained earnings 670,000 209,000 670,000 168,000 Total liabilities and stockholders' equity $1,100,700 $1,165,800 Additional Information for 2018 1. Net income is $63,000 2. The company purchases $104,000 in equipment. 3. Depreciation expense is $156,000 4. The company repays $115,000 in notes payable 5 .The company declares and pays a cash dividend of $22,000