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Martman, Inc. has prepared the following comparative balance sheets for 2017 and 2018: Cash 2018...

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Accounting

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Martman, Inc. has prepared the following comparative balance sheets for 2017 and 2018: Cash 2018 2017 Accounts receivable $ 262,000 $ 153,000 Inventory 139,000 117.000 Prepaid expenses 150,000 180,000 Plant assets 18.000 27.000 Accumulated depreciation 1,395,000 1,050,000 Patent (450,000) (375.000) 153.000 174.000 $1.667.000 $1.326.000 Accounts payable $ 153,000 $ 168,000 Accrued liabilities 60,000 42,000 Notes Payable 80,000 Mortgage payable 450,000 Preferred stock 525,000 Additional paid-in capital preferred 120,000 Common stock 600,000 600,000 66.000 Retained earnings 129.000 $1.667.000 $1.326,000 The Accumulated Depreciation account has been credited only for the depreciation expense for the period. ne Retained Earnings account has been charged for dividends of $138,000 and credited for the net income for the year. 3. Plant assets or $100,000 were acquired by issuance of a long-term note payable for $100,000. The income statement for 2018 is as follows: Sales revenue $1,980,000 1,089,000 Cost of sales 891,000 Gross profit 690,000 Operating expenses Net income $ 201,000 Instructions (a) From the information above, prepare a statement of cash flows (indirect method) for Hartman, Inc. for the year ended December 31, 2018

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