Cash Accounts receivable Inventory December 31 2017 2016 $33,700 $13,100 12,200 9,900 12,000 8,900 -0 3,000 -0 30,000 45,200 19,800 5,100 6,200 $108,200 $90,900 Available-for-sale debt investments Buildings Equipment Patents Allowance for doubtful accounts Accumulated depreciation-equipment Accumulated depreciation-building Accounts payable Dividends payable Notes payable, short-term (nontrade) Long-term notes payable Common stock $2,900 2,000 -0- 5,100 -0- 3,100 31,000 43,000 21,100 $108,200 $4,500 4,500 5,900 3,000 5,000 4,100 25,000 33,000 5,900 $90,900 Retained earnings Additional data related to 2017 are as follows. 1. Equipment that had cost $10,900 and was 40% depreciated at time of disposal was sold for $2,400. 2. $10,000 of the long-term note payable was paid by issuing common stock. 3. Cash dividends paid were $5,000. 4. On January 1, 2017, the building was completely destroyed by a flood. Insurance proceeds on the building were $29,800 (net of $2,000 taxes). 5. Investments (available-for-sale) were sold at $1,600 above their cost. The company has made similar sales and investments in the past. 5. Cash was paid for the acquisition of equipment. 7. A long-term note for $16,000 was issued for the acquisition of equipment. 3. Interest of $2,000 and income taxes of $6,500 were paid in cash. Prepare a statement of cash flows using the indirect method. Flood damage is unusual and infrequent in that part of the country. (Show amounts that de 2.g. -15,000 or in parenthesis e.g. (15,000).) CULVER CORPORATION Statement of Cash Flows Adjustments to reconcile net income to $ Supplemental disclosures of cash flow information: A A $ Cash Accounts receivable Inventory December 31 2017 2016 $33,700 $13,100 12,200 9,900 12,000 8,900 -0 3,000 -0 30,000 45,200 19,800 5,100 6,200 $108,200 $90,900 Available-for-sale debt investments Buildings Equipment Patents Allowance for doubtful accounts Accumulated depreciation-equipment Accumulated depreciation-building Accounts payable Dividends payable Notes payable, short-term (nontrade) Long-term notes payable Common stock $2,900 2,000 -0- 5,100 -0- 3,100 31,000 43,000 21,100 $108,200 $4,500 4,500 5,900 3,000 5,000 4,100 25,000 33,000 5,900 $90,900 Retained earnings Additional data related to 2017 are as follows. 1. Equipment that had cost $10,900 and was 40% depreciated at time of disposal was sold for $2,400. 2. $10,000 of the long-term note payable was paid by issuing common stock. 3. Cash dividends paid were $5,000. 4. On January 1, 2017, the building was completely destroyed by a flood. Insurance proceeds on the building were $29,800 (net of $2,000 taxes). 5. Investments (available-for-sale) were sold at $1,600 above their cost. The company has made similar sales and investments in the past. 5. Cash was paid for the acquisition of equipment. 7. A long-term note for $16,000 was issued for the acquisition of equipment. 3. Interest of $2,000 and income taxes of $6,500 were paid in cash. Prepare a statement of cash flows using the indirect method. Flood damage is unusual and infrequent in that part of the country. (Show amounts that de 2.g. -15,000 or in parenthesis e.g. (15,000).) CULVER CORPORATION Statement of Cash Flows Adjustments to reconcile net income to $ Supplemental disclosures of cash flow information: A A $