Blue Spruce Corp. Comparative Balance Sheets December 31 Assets 2017 Cash Accounts receivable Inventory Prepaid expenses Change 2016 Increase/Decrease $36,310 $13,050 Increase 22,0103 9,910 Increase -0- 44,030 Increase 3,990 1,950 Increase 70,210 15,120 Decrease 200,470 (14,140) 7,070 Increase 68,260 116,510 Increase (10,070) 17,720 Increase $377,040 $49,360 61,920 44,030 5,940 55,090 200,470 (21,210) 184,770 (27,790) $552,580 Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Totals Liabilities and Stockholders' Equity Accounts payable $42,780 $3,140 Increase Accrued expenses payable Bonds payable $39,640 9,970 148,770 59,490 119,170 $377,040 9,970 Decrease 50,200 Decrease 171,220 Increase 98,570 230,710 180,520 $552,580 Common stock ($1 par) Retained earnings 61,350 Increase Totals Blue Spruce Corp. Income Statement For the Year Ended December 31, 2017 Sales revenue $936,610 Cost of goods sold $478,010 Operating expenses 233,150 Interest expense 11,950 Loss on disposal of equipment 2,000 725,110 Income before income taxes 211,500 Income tax expense 64,370 $147,130 Net income Additional information: 1. Operating expenses include depreciation expense of $39,740. 2. Land was sold at its book value for cash. 3. Cash dividends of $85,780 were declared and paid in 2017. 4. Equipment with a cost of $167,630 was purchased for cash. Equipment with a cost of $51,120 and a book value of $36,170 was sold for $34,170 cash. 5. Bonds of $50,200 were redeemed at their face value for cash. 6. Common stock ($1 par) of $171,220 was issued for cash. Use this information to prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-sign eg.-15,000 or in parenthesis eg. (15,000).) Blue Spruce Corp. Statement of Cash Flows-Indirect Method Adjustments to reconcile net income to