COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 12/31/17 12/31/16 5,000 $6,900 62,400 50,800 Cash Accounts receivable Short-term debt investments (avalable-for-sale) 35,100 18,100 40,100 60,400 Inventony 5,1004,000 Prepaid rent 152,400 131,000 Equipment (34,700) (24,800) 45,500 49,90 Copyrights 311,900 $296,300 Total assets $45,900$39,900 Accounts payable 4,000 6,000 Income taxes payable 8,100 4,000 Salaries and wages payable 8,100 10,000 Short-term loans payable 59,50068,700 Long-term loans payable 100,000 100,000 Common stock, $10 par 30,000 30,000 Contributed capital, common stock 56,300 37,700 Retained earnings 311,900 $296,300 Total liabilties & stockholders equity SWIFTY INC. INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2017 5337,125 Sales revenue 176,500 Cost of goods sold Gross profit 160,625 120,600 Operating expenses 40,025 Operating income $11,400 Interest expense 2,000 9,400 Gain on sale of equipment 30,625 Income before ta 6,125 Income tax expense 24,500 Additional information: 1. Dividends in the amount of $5,900 were declared and paid during 2017 2. Depreciation expense and amortization expense are included in operating expenses. 3. No unrealized gains or losses have occurred on the investments during the year 4. Equpment that had a cost of $20,000 and was 70% depreciated was sold during 2017 Prepare a statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a -sign e.g.-15,000 or in parenthesis e.g. (15,000)) SWIFTY INC