BUSINESS 10010 Selected financial statement information and additional data for Singh Inc

Selected financial statement information and additional data for Singh Inc. is presented below.Singh Inc.Balance Sheet and Income Statement DataDecember 31,2015Current Assets:Cash$ 153,000Accounts Receivable238,000Inventory391,000Total Current Assets782,000$ 119,000307,000340,000756,000Property, Plant, and EquipmentLess: Accumulated DepreciationTotal Assets1,241,000(476,000)$1,547,0001,122,000(442,000)$1,446,000$ 186,00052,00085,000323,000$ 102,00069,00075,500246,500340,000663,000391,000637,500510,000374,000884,000$1,547,000467,500341,000808,500$1,446,000$1,615,000731,000884,000$1,513,000731,000782,000153,000391,00034,00017,000289,000119,000$ 170,000136,000357,00034,0000255,000102,000$ 153,000Current Liabilities:Accounts PayableNotes PayableIncome Tax PayableTotal Current LiabilitiesBonds PayableTotal LiabilitiesStockholders’ Equity:Common StockRetained EarningsTotal Stockholders’ EquityTotal Liabilities & Stockholders’ EquitySalesLess Cost of Goods SoldGross ProfitExpenses:Depreciation ExpenseSalary ExpenseInterest ExpenseLoss on Sale of EquipmentIncome Before TaxesLess Income Tax ExpenseNet IncomeDecember 31,2014___Additional Information:During the year, Singh sold equipment with an original cost of $153,000 andaccumulated depreciation of $119,000 and purchased new equipment for $272,000.Prepare the Operating Section of Statement of Cash Flows using the Indirectmethod for Singh for the year ending December 31, 2015.