Colgate-Palmolive was founded in 1806. Assume its statement of cash flows reported the following information (in millions) for th ended December 31, 2017 Operating Activiti Net Income Depreciation Cash effect of changes in $ 2,313 376 Accounts Receivable Inventories Accounts Payable 40 (10) (65) 557 $ 3,211 Other Net Cash Provided by Operations Required: Based on the information reported in the operating activities section of the statement of cash flows for Colgate-Palmolive, determine whether the following accounts increased or decreased during the period Accounts recelvable Accounts payable Norwest Aviation received its charter during January 2017 The charter authorized the following shares: Preferred shares: 8 percent, no-par value, authorized 20000 shares Common shares no-par value, authorized 50,000 shares During 2017, the following transactions occurred in the order given: a Issued a total of 40000 common shares to the company's founders for $11 per share 10 points b Issued 5.000 preferred shares at $18 per share d Net income for the first year was $48.000 Required 13223 c Issue d 3000 common shares at $14 per share and 1,000 preferred shares at $28 Prepare the shareholders equity section of the balance sheet at December 31, 2017 Shareholders' Equity-December 31, 2017 Contributed Capital Total contributed capital