BACK CALCULATOR MESSAGE MY INSTRUCTOR STANDARD VIEW PRINTER VERSION NEXT Comparative balance sheet accounts of Pronghorn Company are presented below PRONGHORN COMPANY COMPARATIVE BALANCE SHEET ACCOUNTS AS OF DECEMBER 31 bit Balances 2017 $70,600 153,800 2016 Cash Accounts Receivable Inventory Debt investments (available-for-sale) Equipment Buildings Land $51,400 131,200 61,400 84,600 48,100 144,900 25,000 $609,200 $546,600 74,400 55,200 70,400 144,9D0 39,900 Totals $10,000 20,800 37,000 65,900 12,100 62,000 310,000 91,400 Allowance for Doubtful Accounts Accumulated Depreciation Equipment Accumulated Depreciation-Buildings Accounts Payable Income Taxes Payable Long-Term Notes Payable Common Stock Retained Earnings $7,900 14,200 27,700 59,900 10,000 70,000 260,000 96,900 $609,200 $546,600 Totals Additional data Equipment that cost 9,900 and was 60% depreciated was sold in 2017 2. Cash dividends were declared and paid during the year 3. Common stock was issued in exchange for land. 4. Investments that cost $34,700 were sold during the yean 5. There were no write-offs of uncollectible accounts during the year CALCULATOR MESSAGE MY INSTRUCTOR STANDARD VIEW PRINTER VERSION Pronghorn's 2017 income statement is as follows. Sales revenue Less: Cost of goods sold Gross profit Less: Operating expenses (i Income from operations Other revenues and expenses $946,800 599,200 347,600 250,300 97,300 nd bad debt ncludes depreciation expense a expense) Gain on sale of investments $14,800 Loss on sale of equipment Income before taxes Income taxes Net income (3,000) 11,800 109,100 44,700 $64,400 (a) Compute net cash provided by operating activities under the direct method. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45). Net cash flow from operating activities 49100 (b) Prepare a statement of cash flows using the indirect methad. (Show amounts that decrease cash flow with either a -sign e.g. -15,000 or in parenthesis e.g. (15,000).) PRONGHORN COMPANY Cash Flows Statement of Cash Flows For the Year Ended December 31, 2017 Cash Flows from Operating Activities Net Income Adjustments to reoncle net income to Net Cash Provided by Operating Activities Depreciation Expense Gain on Sale of Investments Loss on Sale of Equipment Increase in Accounts Recelvable (Net) Increase in Inventory Increase in Accounts Payable Cash Flows from Investing Activities Purchase of Investments Purchase of Equipment Sale of Investments T Sale of Equipment Net Cash Provided by Investing Activities Cash Flows from Financing Activities Payment of Long-term Notes Payable Cash Dividends Paid Issuance of Common Stock Net Cash Used by Financing Activitles Net Increase in Cash Cash, January 1, 2017 | Cash, December 31, 2017 Noncash Investing and Financing Activities$ ssuance of Common Stock for Land