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JA. Statement of Cash Flows (Indirect Method) The Sky Company's income statement and compare tive balance sheets as of December 31 of 2019 and 2018 follow: SKY COMPANY Income Statement For Year Ended December 31, 2019 Sales revenue. ... . .. . Dividend income. ... .. $800,000 19,000 Cost of goods sold . 819,000 Wages and other operating expenses $440,000 Depreciation expense. 130,000 Patent amortization expense 39.000 Interest expense.. ... . .. 7,000 Income tax expense . 13,000 Loss on sale of equipment . 30,000 Gain on sale of investments 5,000 (10.000) 654.000 Net income . ... .. $165,000 SKY COMPANY Balance Sheets Dec. 31, Dec. 31, 2019 2018 Ascels Cash and cash equivalents $ 63.000 $ 29,000 Accounts receivable . . . .. ... 45,000 35,000 Inventory.... . 100.000 77.000 Prepaid expenses. . .. . . . . . . . . 10,000 6,000 Long-term investments-available for sale 50,000 Fair value adjustment to investments. 7,000 Land . . ... .......... ...... 190,000 100,000 Buildings .... . . .. 445,000 350,000 Accumulated depreciation-Buildings (91.000) (75,000) Equipment .. . .. . . . . 179,000 225,000 Accumulated depreciation-Equipment (42,000) (46,000) Patents ... . . . 50,000 32,000 Total assets .. $949.000 $790,000 continuedcontinued from previous page SKY COMPANY Balance Sheets Dec. 31, Dec. 31, 2019 2018 Liabilities and Stockholders' Equity $ 21.000 $ 18,000 Accounts payable . 6,000 5,000 Interest payable B.000 12,000 Income tax payable 135,000 130,000 Bonds payable . . . . . . . 100,000 75,000 Preferred stock ($100 par value) 379,000 364,000 Common stock ($5 par value) .... . . . 133,000 124,000 Paid-in-capital in excess of par value-Common. .... . . 167,000 55,000 Retained earnings 7,000 Unrealized gain on investments . Total liabilities and stockholders' equity . . . . $949,000 $790,000 During the year, the following transactions occurred: 1. Sold long-term investments costing $50,000 for $60.000 cash. Unrealized gains totaling $7,000 related to these investments had been recorded in earlier years. At year-end, the fair value adjust- ment and unrealized gain account balances were eliminated. 2. Purchased land for cash. 3. Capitalized an expenditure made to improve the building. 4. Sold equipment for $14,000 cash that originally cost $46,000 and had $27,000 accumulated depreciation. 5. Issued bonds payable at face value for cash. 6. Acquired a patent with a fair value of $25,000 by issuing 250 shares of preferred stock at par value. 7. Declared and paid a $53,000 cash dividend. 8. Issued 3,000 shares of common stock for cash at $8 per share. 9. Recorded depreciation of $16.000 on buildings and $23,000 on equipment. Required a. Calculate the change in cash and cash equivalents that occurred during 2019. b. Prepare a statement of cash flows using the indirect method