Use T account for all the workings Prepare cash flow statement for Marson Co.by using the indirect method

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The following is a comparative statement of financial position of Marson Co. asof December 31 2019 2018 AssetsLa nd 140,000 90,000Vehicle 140,000 170,000Accumulated depreciation – vehicle ( 75,000) ( 90,000)Lon_ term investment 111 700 50 000Prepaid advertising 30.000 35,000Inventory 73,000 30,000Account receivable 28.000 18,000Cash 30.000 10,000 Total Assets 477.700 313,000Equity and LiabilitiesShare capital – ordinary (par value $20) 130,000 80,000Share premium – ordinary 85,000 35,000Retained earnings 120000 90,000Bonds payable 95.000 77,000Account payable 35.000 15,000Accrued expense 3000 7,000Dividends payable 3,200 5,000Income tax payable 6500 4,000 Total Equity and Liabilities 477,700 313,000 Marson Income Statement for the year ended 31 December 2019: Sales $488,000COGS $268,400)Gross Profit $219,600Total Operating Expenses ($173,600) 9Include Depreciation Expense $45,000Other Income (Expenses):Gain on Disposal of Vehicle $16,600Income From Operations $62,600Interest Expense (Bonds) 1517.600)Income Before Tax $45,000Income Tax expense ($7,500) Net Income $37,500

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