Prepare a statement of cash flows using the direct or indirect method (your choice) based on the following. Make reasonable assumptions as needed ABC Inc Balance Sheets 12/31/2016 12/31/2017 Assets ABC Inc Income Statement 12 mos ending 12/31/2017 Current Assets: 14,236,295 1,400,000 Accounts Receivable, net Invento Prepaid expenses 19,658,695 1,190,000 2,460,000 201,600 23,510,29:5 192,000 Total Current Assets 18,328,29:5 Sales $22,000,000 Property and Equipment Cost of Sales 13,200,000 Machinery and Equipment Computers, Furniture and Fixtu 4,400,000 1,000,000 5,400,000 4,505,000 1,300,000 5,805,000 Gross Proft 8,800.000 Accumulated Depreciation 2,900,000) 2,500,000 (4,055,000 1,750,000 Net Property and Equipment Operating Expense 3,300,000 Depreciation Expense Tax Expense Total Expense Net Income 1,155,000 825,000 5,280,000 3,520,000 Total Assets 20,828,295 25,260,295 Liabilities and Shareholders Equit Current Liabilities Other Information Equipment and computers were purchased for cash 100,000 shares of common stock sold for $10 per share Cash dividends of $150,000 were declared Accounts Payable Accrued liabilities Dividends Pavable Income taxes pavable 756,000 1,200,000 20,000 806,000 1,140,000 132,000 360,000 2,438,000 Total current liabilities 2,376,000 Long Term Liabilities 2,756,295 2,756,295 Total Liabilities 5,132,295 5,194,295 Owner's Equity 11,000,000 4,696,000 12,000,000 8,066,000 tock* Retained Earnings (Deficit) Total Shareh Total Liab & Stckhldrs Equtv Outstanding common shares 15,696,000 20,828,295 1,000,000.00 20,066,000 25,260,295 1,100,000.00