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Question two: Use the indirect method to prepare the cash flow statement for Magna Fax Inc. for the year ended Dec 31st, 2019 Magna Fax, Inc. Income Statement For the Year Ended December 31, 2019 Sales revenue $150,000 Cost of goods sold 117,500 Gross profits $ 32,500 Selling expense 4,500 General and administrative expense Depreciation expense 4,000 Operating profits $ 20,000 Interest expense 2.500 Net profit before taxes $ 17,500 Taxes (40%) 7,000 Net profit after taxes $ 10,500 4,000 Magna Fax, Inc. Balance Sheet For the Years Ended December 31, 2018 and 2019 2019 2018 $ 24,000 45,000 30,000 $ 21,000 39,000 27,000 S42,000 22,000 S40,000 18.000 20,000 $119,000 22,000 $109,000 Assets Cash Accounts receivable Inventory Gross fixed assets Acc. Depreciation Net fixed assets Total assets Liabilities and Equity Accounts payable Notes payable Accruals Long-term debts Common stock at par Paid-in capital in excess of par Retained earnings Total liabilities and equity $ 25,000 50,000 1,000 10,000 1,000 4,000 28.000 $119,000 $ 30,000 40,000 2,000 8,000 1.000 4,000 24,000 $109,000