Exercise 23-11 Condensed financial data of Grouper Company for 2017 and 2016 are presented belos GROUPER COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 2017 Cash $1,830 Receivables 1,710 Inventory 1,590 Plant assets 1,890 Accumulated depreciation (1,220) Long-term investments (held-to-maturity) 1,320 $7,120 2016 $1,180 1,320 1.920 1.710 (1,190 ) 1,440 $6,380 Accounts payable Accrued liabilities Bonds payable Common stock Retained earnings $1,190 210 1,400 1,940 2.380 57,120 $890 260 1,580 1,660 1.990 $6,380 GROUPER 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 Gain on sale of investments Income before tax Income tax expense Net income Cash dividends Income retained in business $6,720 4,680 2,040 920 1,120 1,200 550 650 260 $390 Additional information: During the year, $70 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 indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) GROUPER COMPANY Statement of Cash Flows (Indirect Method) Adjustments to reconcile net income to Click if you would like to Show Work for this question: Open Show Work