During the year, $60 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 direct method.

IVANHOE COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 2017 2016 $1,130 1,320 1,890 1,720 Cash Receivables Inventoryy Plant assets Accumulated depreciation Long-term investments (held-to-maturity) $1,800 1,750 1,630 1,910 (1,190) (1,170) 1,280 $7,180 1,410 $6,300 $1,230 190 1,400 1,930 2,430 $910 240 1,540 1,680 1,930 Accounts payable Accrued liabilities Bonds payable Common stock Retained earnings $7,180 56 30 IVANHOE COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 $6,890 4,730 2,160 940 1,220 Sales revenue Cost of goods sold Gross margin Seling and administrative expenses Income from operations Other revenues and gains 90 1,310 550 760 260 $500 Gain on sale of investments Income before tax Income tax expense Net income Cash dividends Income retained in business