Baltimore Stores Inc. has a year-end of December 31. You have been given the financial statements for the year ended December 31, 2017 and asked to prepare a cash flow statement. Baltimore Stores Inc Balance Sheet As at December 31, 2015 Current Assets 2017 2016 Cash $44,234 $50,369 Accounts receivable $133,993 $139,159 Interest receivable $1,937 $2,906 Inventories $119,971 $105,765 Investments $189,989 $191,603 Plant assets Land $113,329 $32,288 Equipment $325,781 $302,534 $929,234 $824,623 Current liabilities Accounts payable $52,952 $57,795 Salary payable $27,122 $26,153 Other accrued liabilities $78,782 $72,647 Long term liabilities Mortgage $130,395 $208,070 Stockholders equity Preferred Stock $230,625 $184,500 Common stock $239,850 $212,175 Retained earnings $169,509 $63,284 $929,234 $824,623 Additional information. (i) The company paid dividends of $96,355. (ii) The company sold a parcel of land for $31,365 its book value was $27,675. (iii) The corporation issued both preferred and common stock during the year. (iv) The corporation purchased land during the year for $108,717 (v) The income statement is provided on the next page Baltimore Stores Inc Income Statement For the period ending December 31, 2017 Revenues Sales revenue $1,414,193 Less cost of goods sold ($662,540) Gross profit $751,653 Expenses Salary expense $246,677 Depreciation expense $49,400 Other operating expense $160,469 $456,545 Operating income $295,108 Other Revenues and Expenses Gain on sale of land $3,690 Interest expense ($79,427) Interest revenue $37,776 ($37,961) Income before tax $257,147 Income tax expense ($54,566) Net income $202,581 Required: a) Prepare a cash flow statement for the year ended December 31, 2017. [20 marks] b) Outline the differences between the cash flow statement and the income statement [5 marks]