Exercise 5-14 The comparative balance sheets of Sarasota Inc. at the beginning and the end of the year 2017 are as follows SARASOTA INC. BALANCE SHEETS Dec. 31, 2017 Jan. 1, 2017 Inc./Dec. Assets Cash Accounts receivable Equipment Less: Accumulated Depreciation-Equipment $46,990 94,720 42,720 20,720 $163,710 $14,990 89,730 23,730 11,000 $117,450 $32,000 Inc. 4,990 Inc. 18,990 Inc. 9,720 Ind. Total ilities and Stockh Accounts payable Common stock Retained earnings $23,720 101,990 38,000 $163,710 $16,730 81,730 18,990 $117,450 6,990 Inc. 20,260 Inc. 19,010 Inc. Total Net income of $47,720 was reported, and dividends of $28,710 were paid in 2017. New equipment was purchased and none was sold Prepare a statement of cash flows for the year 2017. (Show amounts that decrease cash flow with either a -sign e.g. -15,000 or in parenthesis e.g. (15,000).) SARASOTA INC. Statement of Cash Flows