December 31, 201/ oblem 9.29 Prepare balance sheet and retained earnings statement using statement Lo 10, 11 cash flows data Following are a statement of cash flows (indirect meth statement of for at Harris, Inc., for the year ended December 31, 2017, and the firm's balance shee December 31, 2016: LO 10, 11 cash flows data Following are a statemento HARRIS, INC. Statement of Cash Flows For the Year Ended December 31, 2017 Cash Flows from Operating Activities: Net income 39,000 Add (deduct) items not affecting cash: Depreciation expense Increase in accounts receivable Decrease in merchandise inventory Increase in accounts payable 87,000 (18,000 90,000 9,000 207,000 . . Net cash provided by operating activities . Cash Flows from Investing Activities: Purchase of buildings . . Proceeds from sale of land at its cost . (270,000 21,000 $(249,000) Net cash used by investing activities.. . . . Cash Flows from Financing Activities: Payment of short-term debt Payment of notes payable Proceeds from issuance of long-term debt Proceeds from issuance of common stock Payment of cash dividends on common stock.. (12,000) (27,000) 45,000 24,000 (15,000) $ 15,000 $(27,000) . .. Net cash provided by financing activities Net decrease in cash for the year HARRIS, INC Balance Sheet At December 31, 2016 Assets Cash Accounts receivable Merchandise inventory $45,000 183,000 228,000 $456,000 102,000 354,000 16,000) $240,000 $696,000 Total current assets.. Land Buildings Less: Accumulated depreciation Total land and buildings Total assets continued