2. Based on the following information propre set of cash flows for 2017 The Daniel Corporation Comparative Balance Short As of December 31, 2016 and 2017 December 2016 Assets $ 10,000 Cash Accounts receivable Inventories Total current Land Building and equipment Accumulated depreciation Total Asset 15.00 45.000 $70,000 33.000 20.000 123.000 10,000 100.000 (O.100) $185.000 12,000 130.000 0.0001 $213.000 Liabilities Accounts payable Total current liabilities Boods payable Long-term Debt Total liabilities S. 20.000 5.32.000 20.000 31.000 30,000 40.000 40,000 52.000 90.000 125.000 Shareholders' equity Common stock 20,000 Retained earning 15.000 Total shareholders' equity 55.00 Total Liabilities and Shareholders' Equity $163.000 There were no dispositions of property during the year. 20.000 90,000 110.000 $235.000 The Daniel Corporation Income Statement For the Year 2017 Sales 340,000 Cost of Goods Sold 200.000 Gross Profit 140,000 Expenses: Salaries 20,000 Rent 15.000 Depreciation 20,000 All other expenses 5,000 Total Expenses 60,000 Prolit Before Tax 80,000 Income Tax 15.000 Net Income 74,000