Exercise 23-11 Condensed financial data of Skysong Company for 2017 and 2016 are presented below. SKYSONG COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 2017 S1,790 1,780 1,620 1,930 2016 $1,150 1,330 1,890 1,700 Cash Receivables Plant assets Accumulated depreciation Long-term investments (held-to-maturity) (1,200 (1,180) 1,310 1,420 S7,230 $5 3 Accounts payable Accrued liabilities Bonds payable Common stock Retained earnings $1,210 210 1,370 1,860 2,580 920 240 1,530 1,670 1,950 $6,310 $7,230 5 30 SKYSONG 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 $6,970 4,680 2,290 940 1,350 Gain on sale of investments Income before tax Income tax expense Net income Cash dividends Income retained in business 30 1,430 540 990 260 $630 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 eithera - sign e.g. -15,000 or in parenthesis e.g. (15,000).) SKYSONG COMPANY Statement of Cash Flows Indirect Method)