Exercise 23-12 Condensed financial data of Carla Company for 2017 and 2016 are presented below. CARLA COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 2017 Cash $1,800 Receivables 1,770 Inventory 1,560 Plant assets 1,900 Accumulated depreciation (1,220) Long-term investments (held-to-maturity) 1,300 $7,110 2016 $1,130 1,320 1,890 1,700 (1,180 ) 1,430 $6,290 $1,220 190 Accounts payable Accrued liabilities Bonds payable Common stock Retained earnings 1,410 1,870 2,420 $7,110 $890 250 1,520 1,730 1,900 $6,290 $6,860 4,710 2,150 920 CARLA 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 1,230 80 1,310 530 Additional information: During the year, 570 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 direct method. Show amounts in the investing and financing sections that decrease cash flow with parenthesis (15,000).) her a CARLA COMPANY Statement of Cash Flows (Direct Method) tudy