Balance Sheet As of December 31, Assets 2016 Available-for-sale securities Accounts receivable Inventory Prepaid insurance Long term investments Land, buildings and equipment Accumulated depreciation Total assets 240,000 25,000 125,000 125,000 6,000 45,000 ,115,000 55,000 105,000 2,000 85,000 1,105,000 (470 000) $ 1211.000 1037 500 Liabilities and equity Accounts payable Salaries payable Notes payable Bonds payable Common stock Paid-in-capital in excess of par Treasury stock Retained earnings 176,000 155,500 22,000 75,000 35,000 65,000 50,000 450,000 90,000 (15,000) 260,000 50,000 400,000 50,000 (35,000) 320, 000 Total liabilities and equity $1,211,000 Additional Information: (1) Sold long term investments costing $40,000 for $70,000 (2) Equipment costing $40,000 with a book value of $15,000 was sold for $10,000. (3) Issued 5% bonds payable at face value of $100,000. (4) Purchased new equipment for $50,000 by issuing a 490, 3 year note. (5) Issued a stock dividend of 10% (5,000 shares) on 7/1/16. The market price of the $10 par value stock was $18 per share at that time. (6) Net income was $60,000. Reauired Prepare a statement of cash flows, in proper form, using the indirect method for 2017, You will have to solve for some unknown items in order to complete the statement. Prepare on next page. 51P