ES Question 8 Condensed financial data of Sheridan Company for 2017 and 2016 are presented below. SHERIDAN COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 2017 2016 Cash Receivables Inventory Plant assets Accumulated depreciation Long-term investments (held-to-maturity) $1,810 $1,120 1,790 1,330 1,5701,940 1,870 1,740 (1,230) (1,150) 1,300 1,440 $7,110$6,420 $910 260 1,550 1,860 1,740 1,960 $7,110$6,420 Accounts payable Accrued liabilities Bonds payable Common stock Retained earnings $1,220 200 1,370 2,460 SHERIDAN COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue Cost of goods sold Gross margin Selling and administrative expenses Income from operations Other revenues and gains $6,810 4,680 2,130 920 1,210 Gain on sale of investments Income before tax Income tax expense Net income Cash dividends Income retained in business 80 1,290 530 760 260 $500 Additional information: During the year, $70 of common stock was issued in exchange for plant assets. No plant assets were sold in 2017. CALCULATOR STANDARD VIEW PRINTER VERST a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with olther a -sign e.g. -15,000 or In arenthesis e.g. (15,0 SHERIDAN COMPANY Statement of Cash Flows Adjustments to recondle net income to Kieso, Intermediate Accounting, 16e ES Click if you would like to Show Work for this question: Open Show Work