Exercise 23-21 Below is the comparative balance sheet for Pronghorn Corporation. Cash Short-term investments Accounts receivable Allowance for doubtful accounts Prepaid expenses Inventory Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation equipment Delivery equipment Accumulated depreciation-delivery equipment Patents Dec. 31, 2017 $16,600 25,100 42,600 (1,800 ) 4,200 81,200 50,000 125,600 (29,900 ) 53,300 (18,900 ) 38,600 (21,900 ) 15,100 $379,800 Dec. 31, 2016 $21,100 19,000 45,100 (2,000 ) 2,600 65,300 50,000 73,300 (23,300 ) 46,200 (15,700 ) 38,600 (20,500) -0- $299,700 Accounts payable Short-term notes payable (trade) Accrued payables Mortgage payable Bonds payable Common stock Paid-in capital in excess of par Retained earnings $26,000 4,000 3,000 72,700 50,200 138,800 10,000 75,100 $379,800 $16,100 6,000 4,500 53,100 62,900 101,400 4,000 51,700 $299,700 Dividends in the amount of $14,800 were declared and paid in 2017. From this information, prepare a worksheet for a statement of cash flows. Make reasonable assumptions as appropriate. (Enter amounts either in debit or in credit column in Statement of Cash Flows Effects except for totals.) PRONGHORN CORPORATION WORKSHEET FOR PREPARATION OF STATEMENT OF CASH FLOWS For the Year Ended December 31, 2017 2017 Reconciling Items Balance at Debits 12/31/16 Debit Credit $21,100 $ Balance at 12/31/17 $16,600 Cash Short-term investments 19,000 25,100 Accounts receivable 45,100 42,600 Prepaid expenses 2,600 4,200 Inventory 65,300 81,200 Land 50,000 50,000 Buildings 73,300 125,600 Equipment 46,200 53,300 Delivery equipment 38,600 38,600 Patents 15,100 Total debits $361,200 $452,300 Credits Accounts payable $ 16,100 $26,000 Notes payable 6,000 4,000 Accrued liabilities 4,500 3,000 Allowance for doubtful accounts 2,000 1,800 Accumulated Depreciation-Building 23,300 29,900 Accumulated Depreciation-Equipment 15,700 18,900 Accumulated Depreciation-Delivery Equipment 20,500 21,900 Mortgage payable 53,100 72,700 Bonds payable 62,900 50,200 Common stock 101,400 138,800 Paid-in capital in excess 4,000 10,000 Retained earnings 51,700 75,100 Pronghorn Corporation Statement of Cash Flows Effects $ $ V Totals Totals $