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$17-7 Use the comparative balance sheet provided and the following selected fiscal 2020 income statement information: Net income, $19,000 Amortization expense, $11,000 PRESTON MEDIA CORPORATION Balance Sheet March 31, 2020 and 2019 Assets 2019 Current assets Cash $3,900 Accounts receivable 5,100 Company vehicle 84,350 Less: Acumulated amortization company vehicle 18,350 Total assets 175.000 Liabilities Current liabilities $4,500 12,000 16,500 23,000 35,500 58.500 175.000 2020 $5,000 9,600 105,350 29,350 $90.600 Accounts payable $8,000 Long-term liabilities 9,000 Notes payable Total liabilities 17,000 Shareholders' Equity Common shares 27,000 Retained earnings 46,600 Total shareholders' equity 73,600 Total liabilities and shareholders equity $90,600 3 Preparing the operating section of the cash flow statement- indirect method Net cash inflow, $29,000