CALCULATOR Exercise 5-17 Kingbird Corporation's balance sheet at the end of 2016 induded the following items. Current assets (Cash $82,000) $236,480 Land Buildings Equipment Accum. depr-buildings Accum. depr-equipment Patents Current liabilities $151,480 31,100 Bonds payable 101,480 121,480 Common stock 181,100 91,100 Retained earnings 45,100 (31,480)Total (11,000) 41,480 $479,160 Total $479,160 The following information is available for 2017 1. Net income was $55,350. 2. Equipment (cost $21,480 and accumulated depreciation $9,.480) was sold for $11,480. 3. Depreciation expense was $5,480 on the building and $10,480 on equipment. 4. Patent amortization was $2,500. 5. Current assets other than cash increased by $29,000. Current liabilities increased by $14,480. 6. An addition to the building was completed at a cost of $28,480. 7. A long-term investment (Equity) in stock was purchased for $16,000. 8. Bonds payable of $51,100 were issued. 9. Cash dividends of $30,000 were dedlared and paid. 10. Treasury stock was purchased at a cost of $11,000. Your answer is partially correct. Try again. Prepare a statement of cash flows for 2017. (Show omounts that decreose cash flow with either a - sign e.g. -15,000 or in parenthesis KINGBIRD CORPORATION Statement of Cash Flows CALCULATOR Your answer is partially correct. Try again. Prepare a statement of cash flows for 2017. (Show amounts that decrease cash flow with either a -sign e.g. -15,000 or in parenthesis e KINGBIRD CORPORATION Statement of Cash Flows For the Year Ended December 31, 2017 Cash Flows from Operating Activities Net Income 55350 Adjustments to reconcile net income to Net Cash Provided by Operating Activities Increase in Current Assets (Other than Cash) 29000 Increase in Current Liabilities 14480 Depreciation Expense 15960 Loss on Sale of Equipment 520 Patent Amortization 2500 4460 Net Cash provided by Operating Activities 59810 CALCULATOR ES Net Cash Provided by Investing Activities Sale of Equipment 11480 Investment in Stock -16000 Addition to Building 28480 Net Cash Used by Investing Activities 33000 Cash Flows from Financing ActivitiesR Payment of Dividends -30000 Issuance of Bonds 51100 Purchase of Treasury Stock 11000 Net Cash Provided by Financing Activities 10100 Cash at Beginning of Period 82000 Cash at End of Period 102910 Net Increase in Cash 20910 CALCULATOR Your answer is partially correct. Try again Prepare a balance sheet at December 31, 2017. (Show only totals for current assets and current liabilities.) (List Property, Plant and Equipn KINGBIRD CORPORATION Balance Sheet December 31, 2017 Assets Current Assets 154480 Cash 82000 Property, Plant and Equipment Land 31100 Buildings 121480 Less 31480 90000 Accumulated Depreciation-Building Equipment 91100 Less 11000] T 80100 Accumulated Depreciation-Equipment Total Property, Plant and Equipment 201200 CALCULATOR STANE ES Less 11000 80100 Accumulated Depreciation-Equipment Total Property, Plant and Equipment 201200 Intangible Assets Patents 41480 Total Assets 479160 Liabilities and Stockholders' Equity Current iabilities 151480 Long-term Liabilities Bonds Payable 101480 Total Liabilities 252960 Stockholders' Equity Common Stock 181100 Retained Earnings 45100 Total Paid-in Capital and Retained Earnings r 226200