CoronadoCompany has not yet prepared a formal statement of cash flows for the 2017 fiscal year. Comparative balance sheets as of December 31, 2016 and 2017, and a statement of income and retained earnings for the year ended December 31, 2017, are presented as follows.

CORONADO COMPANY

STATEMENT OF INCOME AND RETAINED EARNINGS

FOR THE YEAR ENDED DECEMBER 31, 2017

($000 OMITTED)

Sales revenue$3,800

ExpensesCost of goods sold$1,210

Salaries and benefits710

Heat, light, and power70

Depreciation80

Property taxes20

Patent amortization30

Miscellaneous expenses10

Interest30

2,160

Income before income taxes1,640

Income taxes820

Net income820

Retained earningsJan. 1, 2017320

1,140

Stock dividend declared and issued600

Retained earningsDec. 31, 2017$540

CORONADO COMPANY

COMPARATIVE BALANCE SHEETS

AS OF DECEMBER 31

($000 OMITTED)

Assets2017

2016

Current assetsCash$372

$210

U.S. Treasury notes (available-for-sale)10

50

Accounts receivable780

490

Inventory700

550

Total current assets1,862

1,300

Long-term assetsLand160

60

Buildings and equipment910

590

Accumulated depreciationbuildings and equipment(190

)(110

)Patents (less amortization)110

140

Total long-term assets990

680

Total assets$2,852

$1,980

Liabilities and Stockholders' EquityCurrent liabilitiesAccounts payable$415

$370

Income taxes payable37

30

Notes payable350

350

Total current liabilities802

750

Long-term notes payabledue 2019190

190

Total liabilities992

940

Stockholders' equityCommon stock1,320

720

Retained earnings540

320

Total stockholders' equity1,860

1,040

Total liabilities and stockholders' equity$2,852

$1,980

Make a statement of cash flows using the direct method. Changes in accounts receivable and accounts payable relate to sales and cost of goods sold.(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).)