CULLUMBER COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 2016 $1,790$1,150 1,330 1,890 1,700 2017 Cash Receivables Inventory Plant assets Accumulated depreciation Long-term investments (held-to-maturity) 1,780 1,620 1,930 (1,200) (1,180) 1,310 1,420 $7,230$6,310 $920 240 1,530 1,670 1,950 $7,230$6,310 Accounts payable Accrued liabilities Bonds payable Common stock Retained earnings $1,210 210 1,370 1,860 2,580 CULLUMBER COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 $6,970 4,680 2,290 940 1,350 Sales revenue Cost of goods sold Gross margin Selling and administrative expenses Income from operations Other revenues and gains 80 1,430 540 890 260 $630 Gain on sale of investments Income before tax Income tax expense Net income Cash dividends Income retained in business 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 indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g (15,000).) CULLUMBER COMPANY Statement of Cash Flows (Indirect Method) Adjustments to reconcile net income to