Kay Wing, Inc., prepared the following balance sheet at December 31, 2016. Kay Wing, Inc. Balance Sheet

Question:

Kay Wing, Inc., prepared the following at December 31, 2016.
Kay Wing, Inc.
Balance Sheet as of December 31, 2016
Cash................................................................$ 65,000
Accounts receivable................................................37,000
Inventory............................................................70,000
Long-term investments.............................................20,000
Land..................................................................39,000
Plant and equipment (net) .......................................109,000
Total assets......................................................$ 340,000
Accounts payable.................................................$ 33,000
Taxes payable.........................................................4,000
Bonds payable......................................................80,000
Capital stock.........................................................90,000
Retained earnings..................................................133,000
Total liabilities and stockholders' equity.....................$ 340,000
The following occurred during 2017.
1. $15,000 in cash and a $35,000 note payable were exchanged for land valued at $50,000.
2. Bonds payable (maturing in 2021) in the amount of $30,000 were retired by paying $28,000 cash.
3. Capital stock in the amount of $40,000 was issued at par value.
4. The company sold surplus equipment for $10,000. The equipment had a book value of $14,000 at the time of the sale.
5. Net income was $35,500.
6. Cash dividends of $5,000 were paid to the stockholders.
7. 100 shares of stock (considered short-term investments) were purchased for $8,300.
8. A new building was acquired through the issuance of $75,000 in bonds.
9. $12,000 of depreciation was recorded on the plant and equipment.
10. At December 31, 2017, Cash was $93,200, had a balance of $41,500, Inventory had increased to $73,000, and had fallen to $25,500. Long-term investments and Taxes payable were unchanged from 2016.
Required:
1. Prepare a statement of cash flows for 2017.
2. Prepare the December 31, 2017, for Kay Wing, Inc.
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