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Condensed financial data of Shamrock, Inc.follow. Shamrock, Inc. Comparative Balance Sheets December 31 2017 2016 Assets Cash Accounts receivable Inventory Prepaid expenses Long-term investments Plant
Condensed financial data of Shamrock, Inc.follow. Shamrock, Inc. Comparative Balance Sheets December 31 2017 2016 Assets Cash Accounts receivable Inventory Prepaid expenses Long-term investments Plant assets Accumulated depreciation Total $164,832 98,736 77,520 209,814 53,040 281,520 222,360 494,700 179,112 229,500 57,936 581,400 102,000 106,080) $1,392,300 $1,050,090 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings Total $208,080 137,292 42,840 297,840 357,000 477,360215,118 $1,392,300 $1,050,090 33.660 224,400 448,800 Shamrock, Inc. Income Statement Data For the Year Ended December 31,2017 Sales revenue $792,458 Less: Cost of goods sold Operating expenses, excluding depreciation Depreciation expense Income tax expense Interest expense Loss on disposal of plant assets $276,338 25,316 94,860 55,651 9,649 15,300 477,114 Net income 315,344 Additional information: 1 New plant assets costing $204,000 were purchased for cash during the year. 2. Old plant assets having an original cost of $ 117,300 and accumulated depreciation of $ 98,940 were sold for $ 3,060 cash. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of $53,102 was declared and paid during the year Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a -sign e.g. -15,000 or in parenthesis e.g. (15,000).)
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