Condensed financial data of Kingbird Company for 2017 and 2016 are presented belc KNGBIRD COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 2017 $1,790 1,780 1,580 1,900 2016 $1,170 1,320 1,900 1,720 Cash Plant assets 1180)140) 1,310 1,420 $7,180 6,380 Accounts payable Accrued liabilities Bonds payable Common stock Retained eanings 1,220 210 240 1,550 1,930 2,440 $7,180 2,050 $6,380 KINGBIRD COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue Cost of goods sold Gross margin Selling and administrative expenses Income from operations Other revenues and gains 4,650 2,040 930 1,110 Gain on sale of investments Income before tax Income tax expense Net income Cash dividends Income retained in business 90 1.200 550 650 260 $390 Additional information: During the year, $70 of common stock was issued in exchange for plant assets. No plant assets were sold in 2017. Prepare a statement of cash flows using the direct method. (Show amounts in the investing and financing sections that decrease cash flow with either a -sign e.g.-15,000 or in parenthesis e.g. (15,000) KNGBIRD COMPANY Statement of Cash Flows (Direct Method)