Data for Granger Inc. are presented in P12-9A. Further analysis reveals that accounts payable pertain to merchandise creditors.

In P12-9A,

Condensed financial data of Granger Inc. follow.

Additional information:
1. New plant assets costing $100,000 were purchased for cash during the year.
2. Old plant assets having an original cost of $57,500 and accumulated depreciation of $48,500 were sold for $1,500 cash.
3. Bonds payable matured and were paid off at face value for cash.
4. A cash dividend of $26,030 was declared and paid during the year.
Instructions
Prepare a statement of cash flows for Granger Inc. using the direct method.

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GRANGER INC. Comparative Balance Sheets December 31 2017 2016 Assets Cash Accounts receivable 80,800 87,800 112,500 28,400 138,000 285,000 (50,000) $682,500 $ 48,400 38,000 102,850 26,000 109,000 242,500 (52,000) $514,750 Prepaid expenses Long-term investments Plant assets Total Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings Total $102,000 16,500 110,000 220,000 234,000 67,300 21,000 146,000 175,000 105,450 $514,750 $682,500 GRANGER INC. Income Statement Data For the Year Ended December 31, 2017 Sales revenue Less: $388,460 Cost of goods sold Operating expenses, excluding $135,460 Depreciation expense Income tax expense Interest expense Loss on disposal of plant assets 12,410 46,500 27,280 4.730 233,880 $154,580 Net income