Exercise 23B-17

Pina Inc., had the following condensed balance sheet at the end of operations for 2016.

PINA INC. BALANCE SHEET DECEMBER 31, 2016
Cash		$8,500		Current liabilities		$14,900
Current assets other than cash		29,200		Long-term notes payable		25,400
Equity invesments		19,900		Bonds payable		25,000
Plant assets (net)		68,200		Common stock		75,000
Land		39,700		Retained earnings		25,200
		$165,500				$165,500

During 2017, the following occurred.

1.		A tract of land was purchased for $8,900.
2.		Bonds payable in the amount of $15,000 were redeemed at par.
3.		An additional $10,000 in common stock was issued at par.
4.		Dividends totaling $9,400 were paid to stockholders.
5.		Net income was $30,200 after allowing depreciation of $13,600.
6.		Land was purchased through the issuance of $22,600 in bonds.
7.		Pina Inc. sold part of its investment portfolio for $12,700. This transaction resulted in a gain of $2,000 for the company. No unrealized gains or losses were recorded on these investments in 2017.
		8.Both current assets (other than cash) and current liabilities remained at the same amount. Prepare a statement of cash flows for 2017 using the indirect method. Prepare the condensed balance sheet for Pina Inc. as it would appear at December 31, 2017