Additional information:

1. During the year, Husker Du purchased some land for $85,000 cash and issued some stock for additional land when the market value of the stock was $20/share.

2. During the year, Husker Du retired bonds with a face value of $50,000.

3. Husker Du sold plant and equipment costing $53,000 for $19,000 cash.

Required:Please prepare a cash flow statement for 2017. Use the Indirect Method for reporting Cash Flows from Operating Activities.

2. Statement of Cash Flows (40 points) The Balance Sheet and Income Statement for Husker Du, Inc. on 12/31/17 are shown below BALANCE SHEET 2017 2016 ASSETS Cash Accounts receivable 110,000 90,000 48,000 8,000 S 20,000 72,000 $ Less allow.for uncollectible accou(10,000) Inventories Prepaid items 220,000 250 580,000 208 2,000 Total current assets 450,000 70,000 uity Investment Land Plant and equipment Less accumulated depreciation Patents 85,000 325 580 200 633 100 53,000 10,000 90,000 30 Total noncurrent assets TOTAL ASSETS 930,000 $1510,000 S1286,000 836,000 LIABILITIES Current liabilities 249,000 189,000 S 60,000 Accounts payable Income taxes payable Interest payable Accrued salaries and wa 2,000) Total current liabilities eferred tax liabili 460,000 410,000 100,000 690,000 210,000 40,000 50,000 140,000 730,000 250,000 Long term bonds (due in 2015) TOTAL LIABILITIES Shareholders' Equity Common stock ($5 40,000 63,000 3,000 id in capital in excess o Retained earnings29700021600081000 TOTAL SHAREHOLDERS'EQUITY TOTAL LIAB. & SHARE. EQUITY$1510,000 1286,000 170,000 780,000 INCOME STATEMENT for 2017 Sales revenue Gain on debt retirement12.000 $1,000,000 uity Investment Income Total revenue and gain Cost of sales Sal Depreciation 560 and wages 20 Loss on sale of plant and equipment Interest expense 6,000 8,000 (801,000) 236,000 (100,000) before taxes Income taxes Net income