CHAPTER 17 Problems Set A ASP. Deber, 2017 and 2016 W e c reporting Prepare cash flow de method DLATESSABON INC December 31 2017 STO 101 305. 101. So 535. (162. Accounts receivable Lavery Long-term investment Properts plant, and equipment Les Accumulated depreciation 75 15. (140 56500 S000 Llabilities and Shareholders' Equity Accounts payable Dividends payable Income tax payable Long-term notes payable Common shares Retained earnings $ 9.500 6.000 14.000 25.000 15.00 525.000 114.500 564 500 5663. 432.000 231.000 DIATESSARON INC Income Statement Year Ended December 31, 2017 Sales Cost of goods sold Gross profit Operating expenses $147.500 Loss on sale of equipment Profit from operations Interest Expense Interest revenue Profit before income tax Income tax expense Profit 150.500 (1.500) Additional information: 1. Cash dividends of $15.000 were declared. 2. A long term investment was acquired for cash at a cost of $101.500. Depreciation expense is included in the operating expenses. The company issued 10.500 common shares for cash on March 2, 2017. The fair value of the shares was $10 per share. The proceeds were used to purchase additional equipment Equipment that originally cost $30,000 was sold during the year for cash. The equipment had a carrying value of 59.000 at the time of sale. The company issued a note payable for $28,000 and repaid $3,000 by year end. Prepare a cash flow statement for the year using the indirect method. KINGIT FURTHER Is it necessary to show both the proceeds from wing a new note payable and the per ement of notes payable? Or is it sufficient to simply show the net increase or decrease in notes payable, as cone with accounts payable? Explain. 12 Refer to the information presented for Datessaron Inc. In PIHA Prepe