Exercise 17-7 (Part Level Submission) Rojas Corporation's comparative balance sheets are presented below. ROJAS CORPORATION Comparative Balance Sheets December 31 2017 2016 Cash Accounts receivable Land Buildings Accumulated depreciation-buildings Total $14,200 21,500 19,600 70,100 (15,400) $110,000 $11,000 23,500 25,800 70,100 (10,500) $119,900 Accounts payable Common stock Retained earnings Total $11,900 75,900 22,200 $110,000 $27,700 73,600 18,600 $119,900 Additional information: 1. Net income was $22,500. Dividends declared and paid were $18,900. 2. No noncash investing and financing activities occurred during 2017 3. The land was sold for cash of $4,900. Statement of Cash Flows For the Year Ended December 31, 2017 Cash Flows from Operating Activities Net Income 22500 $ Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense 4900 $ Loss on Disposal of Land Decrease in Accounts Receivable Decrease in Accounts Payable Net Cash Provided by Operating Activities Cash Flows from Investing Activities Sale of Land Cash Flows from Financing Activities Issuance of Common Stock $ Payment of Dividends Net Cash Used by Financing Activities Net Increase in Cash Cash at Beginning of Period 7 Cash at End of Period 7