Ch. 12 8. Here are comparative balance sheets for Novak Corp.. Novak Corp Comparative Balance Sheets December 31 Assets 2017 2016 Cash $72,500 $32,600 Accounts receivable 86,500 71,400 187,300 Inventory 169,600 73,700 101,900 Land 200,200 259,200 Equipment (33,500) (66,000) Accumulated depreciation-equipment $559,900 $595,500 Total Liabilities and Stockholders' Equity $46,700 $35,200 Accounts Payable 203,700 150,200 Bonds Payable 176,000 214,100 Common stock ($1 par) 133,500 196,000 Retained earnings $559,900 $595,500 Total Additional information: Net income for 2017 was $102,500. 1. Cash dividends of $40,000 were declared and paid. 2 Bonds payable amounting to $53,500 were redeemed for cash $53,500. 3. 4. Common stock was issued for $38,100 cash. No equipment was sold during 2017, but land was sold at cost. 5. Prepare a statement of cash flows for 2017 using the indirect method. A template is on the next page. ash Flows from Operating Activities: Net Cash Provided (Used) by Operating Activities Cash Flows from Investing Activities: Net Cash Provided (Used) by Investing Activities Cash Flows from Financing Activities: Net Cash Provided (Used) by Financing Activities Net Increase (Decrease) In Cash Cash at Beginning of Period Cash at End of Period