Exercise 23-13 Flint Inc., a greeting card company, had the following statements prepared as of December 31, 2017 Chapter 23 A FLINT INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 Resuits by 7,300 hert-term debr investments (avalable-for sale) 34,60018,000 Invientory Prepaid ren 0,300 6020 34,800 (25,200 Copyrights 46,00 40,300 Salaries and ,1000,000 9,700 6900 payabe Long-term loans Common stack, $10 par Contributed capital, 0n ck Retained earnings Ttal blies & stockholders eouty 4,700 36,100 310,500 $296,000 FLINT INC. INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2017 Cost of goods sold Operating expense Operating income Gain on sale of equipment before tax Dividends in the amount of $6,000 were declared and paid during 2017 2Depreciation expense and amortization expense are included in operating No unrealized gains or losses have occurred on the investments during the year. Equipment that had a cost of $19,800 and was 70% depreciated was sold during 2017 Prepare a statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Prepare a statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a -sign e.g.-15,000 or in parenthesis e.g. (15,000).) FLINT INC Statement of Cash Flows