#8 Cash Flow Ho!nework rom the following information for Kevin's Kennels, prepare a Statement of Cash Flows for the year ended December 31, 2017. Balance 12/31/17 Balance 12/31/16 95,900 38,900 45,000 Accounts Receivable Inventory Prepaid Insurance Equipment Accumulated Depreciation Land Security Deposits Accounts Payable Wages Payable 70,000 3,600 320,000 80,000 30,000 32,000 39,000 2,600 280,000 20,000 Interest Payable Taxes Payable Note Payable Common Stock ($1 each) Retained Earnings Sales Cost of Goods Sold Wage Expense Rent Expense Office Expenses Depreciation Expense Utilities Expense Insurance Expense Interest Expense ncome Tax Expense 8,000 6,500 10000 130,000 310,000 140,000 1,200,000 700,000 220,000 48,000 20,000 30,000 10,000 4,000 7,500 5,000 150,000 160,000 90,000 60,000 15,000 6,000 14,000 27,000 The land was acquired on March 31, 2017 by exchanging 60,000 shares of common stock worth $60,000 and cash for the balance of the purchase price. The additional common stock (other tharn that issued for the purchase of the land) was sold on September 30, 2017 for $1 per share. The company did not sell any equipment during the year. All equipment purchased during the year was purchased for cash. The retained earnings balance for both years is after all closing entries have been made. The Note Payable requires payments of $20,000 principal plus interest at 10% on June 30th of each year