Condensed financial data of Wildhorse Company for 2017 and 2016 are presented below. WILDHORSE COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 2017 2016 $1,760 $1,180 Cash Receivables 1,780 1,280 Inventory 1,610 1,920 Plant assets 1,880 1,660 Accumulated depreciation (1,220) (1,190) 1,310 1,400 Long-term investments (held-to-maturity) $7,120 $6,250 Accounts payable $1,170 $880 240 Accrued liabilities 190 Bonds payable 1,390 1,540 Common stock 1,910 1,730 Retained earnings 2,460 1,860 $7,120 $6,250 WILDHORSE COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 $7,020 Sales revenue 4,780 Cost of goods sold Gross margin 2,240 427 Sollina and adminictrativo oxnoncor Q10 Selling and administrative expenses 910 Income from operations 1,330 Other revenues and gains 70 Gain on sale of investments Income before tax 1,400 Income tax expense 540 Net income 860 260 Cash dividends $600 Income retained in business Additional information: During the year, $80 of common stock was issued in exchange for plant assets. No plant assets were sold in Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow wit parenthesis e.g. (15,000).) WILDHORSE COMPANY Statement of Cash Flows For the Year Ended December 31, 2017 (Indirect Method) Cash Flows from Operating Activities 860 Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense 30 A Gain on Sale of Investments -70 Increase in Accounts Receivable -500 Decrease in Inventory 310 Increase in Accounts Payable 290 -50 Decrease in Accrued Liabilities 10 870 Net Cash Provided by Operating Activities Cash Flows from Investing Activities Sale of Investments 160 -140 Purchase of Plant Assets Net Cash Provided by Investing Activities 20 Cash Flows from Financing Activities Redemption of Bonds Payable -150 Issuance of Common Stock for Plant Assets v 100 -260 Payment of Cash Dividends -310 Net Cash Used by Financing Activities 580 Net Increase in Cash 1180 Cash at Beginning of Period 1760 Cash at End of Period $ EA