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AssetS Cash Accounts receivable Inventory Prepaid expenses Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Total 2017 2016 $59,670 76,908 188,292 27,846 172,380 265,200 $90,168 66,300
AssetS Cash Accounts receivable Inventory Prepaid expenses Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Total 2017 2016 $59,670 76,908 188,292 27,846 172,380 265,200 $90,168 66,300 200,823 20,261 192,270 265,200 (79,560) (53,040) 298,350 (59,670 ) (46,410 ) 205,530 $994,142 $896,376 Liabilities and Stockholders' Equi Accounts payable Bonds payable Common stock, $1 par Retained earnings Total 59,312$47,736 397,800 212,160 238,680 $994,142 $896,376 397,800 265,200 271,830 Additional information: 1. Operating expenses include depreciation expense of $55,692 2. Land was sold for cash at book value 3. Cash dividends of $15,912 were paid 4. Net income for 2017 was $49,062 5. Equipment was purchased for $121,992 cash. In addition, equipment costing $29,172 with a book value of $13,260 was sold for $10,608 cash 6. 53,040 shares of $1 par value common stock were issued in exchange for land with a fair value of $53,040 Prepare a statement of cash flows for the year ended December 31, 2017, using the indirect method. (Show amounts that decrease cash flow 15 00n ori Biue Spruce Corp Statement of Cash Flows For the Year Ended December 31, 2017 Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to | Net Cash Provided by Operating Activities Depreciation Expense Sale of Equipment Decrease in Accounts Receivable Increase in Inventory Decrease in Prepaid Expenses Increase in Accounts Payable Net Cash Provided by Operating Activities Flows from Investing Activities Sale of Equipment Sale of Land Sale of Land Purchase of Equipment Net Cash used by Investing Activities Cash Flows from Financing Activities Payment of Cash Dividends Net Cash used by Financing Activities Net Increase in Cash Cash at Beginning of Period Cash at End of Period
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