E23-11B (L02) (SCFIndirect Method) Condensed financial data of Fulton Corp. for 2017 and 2016 are presented below. FULTON CORP. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31 2017 2016 Cash $ 800 $ 600 Investments 0 200 Receivables 2,250 2,100 Inventory 1,600 1,200 Plant assets 1,600 1,200 Accumulated depreciation (600) (455) $5,650 $4,845 Accounts payable $ 750 $1,200 Accrued liabilities 330 520 Bonds payable 800 1,000 Capital stock 1,500 1,400 Retained earnings 2,270 725 $5,650 $4,845 FULTON CORP. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Sales $15,200 Cost of goods sold 10,400 Gross margin 4,800 Selling and administrative expense 1,205 Income from operations 3,595 Other revenues and gains Loss on sale of investments 50 Income before income tax 3,545 Income tax expense 1,400 Net income 2,145 Cash dividends 600 Income retained in business $ 1,545 During the year, $100 of common stock was issued in exchange for land. No plant assets were sold in 2017. Instructions Prepare a statement of cash flows using the direct method (only the operating section)