A comparative balance sheet for Sage Corporation is presented as follows. December 31 Assets 2017 2016 $ 109,160 Cash Accounts receivable $ 33,000 100,830 124.490 Inventories 271,490 285,330 Land 107,990 166,830 391,490 301,830 (104.990) (64.830) $ 899,630 $ 822,990 Equipment Accumulated Depreciation Equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings $ 52,490 $ 72,330 225.000 300,000 321,000 246,000 301,140 204,660 Total $ 899,630 $ 822,990 Additional information: 1. 2. 3. Net income for 2017 was $ 190,480. Cash dividends of $ 94,000 were declared and paid. Bonds payable amounting to $75,000 were retired through issuance of common stock. Land was sold for cost. Equipment was purchased but no equipment was sold. 4. 5. Prepare a statement of cash flows for 2017 for Sage Corporation. (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis eg. (15,000).) SAGE CORPORATION Statement of Cash Flows For the Year Ended December 31, 2017 Cash Flows from Operating Activities Net Income $ 190480 Adjustments to reconcile net income to Net Cash Provided by Operating Activities Increase in Accounts Receivable -23660 Decrease in Inventory -13840 Decrease in Accounts Receivable -19840 Depreciation expense -40160 -97500 Net Cash Provided by Operating Activities 92980 Cash Flows from Investing Activities $ Issued common stock to retire bonds outstanding $