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Question 2, S14-8 (book/static) Preston Media Corporation had the following income statement and balance sheet for 2018 EEB (Click the icon to view the income statement.) EEl (Click the icon to view the balance sheet) During the year Preston issued a $4,400 note payable Preston acquired equipment worth $21,000, and made payments on the long-term notes payable in the amount of $7,400 during the year Assume the company paid cash for the acquisition af plant assets Prepare Preston Madia's statement of cash flows-indirect method for the year ended December 31, 2018 Complete the statement one section at a time, beginning with the cash flows from operating activitles. (Use p - X eave the box empty; do not select a label or enter a zero.) Data Table Preston Media Corporation Statement of Cash Flows Year Ended December 31, 2018 Preston Media Corporation Comparative Balance Sheet December 31,2018 and 2017 Cash Flows from Operating Activilies Net Income 19,000 Adjustments to Reconcile Net Income to 2018 2017 Assets Net Cash Provided by Operating Activities Current Assets Deprsciation Expense Increase in Accounts Receivable Increase in Accounts Payable Cash S 5,000 $ 3,900 5,100 Accounts Receivabla 9,600 Long-term Assets Plants Assets 105,350 84350 29.350) (18350) S 90,600 $ 75,000 Accumulated Depreciation-Plant Assets Net Cash Provided by (Used for) Operating Activities Total Assets i Data Table Liabilities Current Liabilities Accounts Payable S 8,000 4,500 Preston Media Corporation Income Statement Year Ended December 31, 2018 Long-term Liabiltles: 9,000 12,000 Notes Payable Total Liabilties 17.000 16,500 Sales Revenue Depreciation Expense-Plant Assets Other Expenses Net Income 80,000 11,000 50,000 19,000 Stockholders Equity Common Stack, no par Retained Earnings Total Stockholders Equity Total Liabilities and Stockholders Equity 27,000 23,000 46.600 35,500 73,600 58,500 S 90,600 $ 75,000 click Check Answer PrintDone