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A comparative balance sheet for Kingbird Corporation is presented below. December 31 Assets 2017 2016 Cash $ 72,880 $ 22,000 Accounts receivable 84,590 68,710 Inventory

A comparative balance sheet for Kingbird Corporation is presented below.

December 31

Assets

2017

2016

Cash $ 72,880 $ 22,000
Accounts receivable 84,590 68,710
Inventory 182,590 191,710
Land 73,590 112,710
Equipment 262,590 202,710
Accumulated Depreciation-Equipment (71,590 ) (44,710 )
Total $604,650 $553,130
Liabilities and Stockholders' Equity
Accounts payable $ 36,590 $ 49,710
Bonds payable 150,000 200,000
Common stock ($1 par) 214,000 164,000
Retained earnings 204,060 139,420
Total $604,650 $553,130

Additional information:

1. Net income for 2017 was $130,180. No gains or losses were recorded in 2017.
2. Cash dividends of $65,540 were declared and paid.
3.

Bonds payable amounting to $50,000 were retired through issuance of common stock.

Prepare a statement of cash flows for 2017 for Kingbird Corporation

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