Below is the comparative statement of financial position for Cola Company, a company that reports under IFRS: Additional information regarding the statements: 1. The short term investment is a 60-day term deposit in the same bank. 2. During 2017, the company purchased new office equipment for $68,000 cash. Old office equipment was sold for cash, generating a gain of $2,000. 3. Cash dividends were paid during 2017. No share dividends were declared. 4. During 2017, a trademark was purchased for $126,500. This was the only sale or purchase in this account. 5. The company accounts for its investment property, land using the fair value model through net income (FV-NI). There were no sales or purchases in this account during the year. 6. The company accounts for its investment in bonds using the amortized cost model. All bonds were purchased at par. 7. The Income summary account had a debit balance of $27,000 for 2017. Total income tax expense was $15,000. Interest expense was $15,000. Depreciation expense was $1,000. 8. Cola Company reports its dividends paid as a financing activity. a) Using the indirect method, prepare the statement of cash flows for the year ended December 31, 2017. Please make sure your final answer(s) are accurate to 2 decimal places. Cola Company Cola Company Statement of Financial Position Statement of Cash Flows As of December 31 2017 2016 For the year ended December 31, 2017 Assets X + Cash SO $189,500 Short term investment 70,000 58,500 + Accounts receivable 143,500 125,500 Prepaid insurance 46,500 87,500 Equipment 185.000 123,000 Accumulated depreciation, equipment (2,500) (4,500) Investment in bonds... 79,000 137,000 Investment property, land. 100,500 76,500 Trademark 123,500 0 Total assets $745,500 $793,000 Liabilities and Shareholders' Equity: Bank indebtedness $51,500 $0 Accounts payable 59,500 71,500 Dividends payable 35, 100 31,500 Current portion of long-term debt 112,500 106,500 Interest payable 17,500 27.500 Income tax payable 66,900 56,500 Long-term notes payable, 147,500 171,500 66.000 66000 Accumulated other comprehensive income 8. Cola Company reports its dividends paid as a financing activity a) Using the indirect method, prepare the statement of cash flows for the year ended December 31, 2017. Please make sure your final answer(s) are accurate to 2 decimal places. Cola Company Cola Company Statement of Financial Position Statement of Cash Flows As of December 31 2017 2016 For the year ended December 31, 2017 Assets Cash SO $189,500 Short term investment 70,000 58,500 Accounts receivable 143,500 125,500 Prepaid insurance 46,500 87,500 Equipment 185.000 123,000 Accumulated depreciation, equipment (2,500) (4,500) Investment in bonds 79,000 137,000 Investment property, land. 100,500 76,500 Trademark 123,500 0 Total assets $745,500 $793,000 Liabilities and Shareholders' Equity Bank indebtedness $51,500 $0 Accounts payable 59,500 71,500 Dividends payable. 35,100 31.500 Current portion of long-term debt. 112,500 106,500 Interest payable 17,500 27,500 Income tax payable 66,900 56,500 Long-term notes payable. 147,500 171,500 Accumulated other comprehensive income... 66,000 66,000 Common shares 33,000 70,000 Retained earnings 156,000 192,000 Total liabilities and shareholders' equity... $745,500 $793,000 b) Complete the required supplemental disclosures. Please make sure your final answer(s) are accurate to the nearest whole number. Interest paid Income taxes paid