MONTGOMERY INC.
Comparative Balance Sheets
December 31, 2018 and 2017

Assets 2018 2017
Cash $ 31,000 $ 31,200
Accounts receivable, net 10,300 12,600
Inventory 92,400 72,800
Total current assets 133,700 116,600
Equipment 51,200 43,100
Accum. depreciation—Equipment (23,100 ) (16,000 )
Total assets $ 161,800 $ 143,700
Liabilities and Equity
Accounts payable $ 24,600 $ 26,600
Salaries payable 500 600
Total current liabilities 25,100 27,200
Equity
Common stock, no par value 112,800 103,400
Retained earnings 23,900 13,100
Total liabilities and equity $ 161,800 $ 143,7

MONTGOMERY INC.
Income Statement
For Year Ended December 31, 2018
Sales $ 45,900
Cost of goods sold (19,100)
Gross profit 26,800
Operating expenses
Depreciation expense $ 7,100
Other expenses 5,500
Total operating expense 12,600
Income before taxes 14,200
Income tax expense 3,400
Net income $ 10,800

Additional Information

No dividends are declared or paid in 2018.
Issued additional stock for $9,400 cash in 2018.
Purchased equipment for cash in 2018; no equipment was sold in 2018.

Use the above financial statements and additional information to prepare a statement of cash flows for the year ended December 31, 2018, using the indirect method.