Condensed financial data of Pharoah Company for 2017 and 2016 are present PHAROAH COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 2017 2016 Cash Receivables $1,140 1,280 1,900 Inventory Plant assets $1,830 1,720 1,610 1,870 (1,210 ) 1,270 $7,090 Accumulated depreciation Long-term investments (held-to-maturity) 1,690 (1,190) 1,410 $6,230 Accounts payable $1,230 $910 Accrued liabilities 200 250 Bonds payable 1,410 1,540 1,710 Common stock 1,880 Retained earnings 2,370 1,820 $7,090 $6,230 PHAROAH COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue $6,880 4,680 2,200 Cost of goods sold Gross margin Selling and administrative expenses Income from operations Other revenues and gains 930 1,270 Gain on sale of investments 80 Income before tax 1,350 Income tax expense 540 Net income 810 Cash dividends 260 Income retained in business $550 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).) PHAROAH COMPANY Statement of Cash Flows (Direct Method) $ $ A " > > >