solved ) G Company’s balance sheets and income statement follow:Cash $700,000

) G Company’s balance sheets and income statement follow:Cash $700,000 $2,043,000
Accounts
receivables, net 1,200,000 800,000
Prepaid
items 100,000 138,000
Investments 0 412,000
Plant
assets 3,800,000 4,600,000
Accumulated
depreciation (1,000,000) (1,400,000)
$4,800,000$6,593,000
Short-term
debt 200,000 750,000
Accounts
payable 100,000 100,000
Accrued
liabilities 300,170 88,000
Cash
dividends payable 100,000 105,000
Bonds
payable, net 298,830 496,000
Common
stock ($1 par value) 100,000 100,000
Additional
paid-in-capital, common stock 1,400,000 1,400,000
Treasury
stock (75,000) (95,000)
Retained
earnings 2,376,000 3,649,000$4,800,000$6,593,000
Sales $19,000,000
Operating expenses
16,800,000
Other income/gains/losses, net 18,406
Interest expense 29,000
Income before taxes 2,189,406
Income tax expense 496,406
Net income $1,693,000undefinedOn 01-01-19, G paid a $25,000 premium on a life insurance policy on G’s CEO. G is the beneficiary on the policy. The premium payment was for the period 01-01-19 to 12-31-19. G only has one of these policies.During 2019, G declared and paid cash dividends on its outstanding common stock.During 2019, G made a cash contribution to its defined-benefit pension plan.On G’s income statement, the “operating expenses” caption includes, but is not limited to, depreciation.G’s accounts payable account is used solely for inventory purchases made on a credit basis.G records adjusting journal entries only once a year as of year-end.G uses the direct method.G identifies its operating cash receipts as receipts from customersG separates its operating cash payments into:Payments to suppliers for inventoryPayments for operating expenses (other than pension plan-related)Payments for (contributions to) its pension planPayments for income taxesPrepare a statement of cash flows (including any required disclosures) for G the year ended 12-31-19. Label your cash flow section activity answers as cash provided by OR cash used in. In your footnote reconciliation of net income to cash flows from operating activities, be specific in your reconciling items. Also, be sure to support your reconciling item amounts with journal entries and/or other supporting calculations that you deem appropriate.