Ch. 12 8. Here are comparative balance sheets for Novak Corp. Novak Corp. Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Land Equipment Accumulated depreciation-equipment 2017 2016 $72,500 86,500 169,600 73,700 259,200 (66,000) $595,500 $32,600 71,400 187.300 101,900 200,200 (33,500) $559,900 Total Liabilities and Stockholders' Equity Accounts Payable Bonds Payable Common stock ($1 par) Retalned earnings $35,200 150,200 214,100 196,000 $595,500 $46,700 203,700 176,000 133,500 $559,900 Total Additional Information: 1. Net income for 2017 was $102,500. 2. Cash dividends of $40,000 were declared and paid. 3. Bonds payable amounting to $53,500 were redeemed for cash $53,500. 4 Common stock was issued for $38,100 cash. 5. No equipment was sold during 2017, but land was sold at cost Prepare a statement of cash flows for 2017 using the indirect method. A template is on the next page. 0 Novak Corp. Statement of Cash Flows For the Period Ended December 31, 2017 Cash Flows from Operating Activities: 2, lo0 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