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Exercise 5-17 (Part Level Submission) Kingbird Corporation's balance sheet at the end of 2016 included the following items. Current assets (Cash $82,000) $236,770 Current liabilities
Exercise 5-17 (Part Level Submission) Kingbird Corporation's balance sheet at the end of 2016 included the following items. Current assets (Cash $82,000) $236,770 Current liabilities $151,770 Land 32,190Bonds payable 101,770 182,190 Buildings 121,770 Common stock 92,190 Retained earnings 46,190 Equipment $481,920 Accum. depr.-buildings (31,770 Total Accum. depr.-equipment (11,000) 41,770 Patents $481,920 Total The following information is available for 2017. 1. Net income was $60,100 2. Equipment (cost $21,770 and accumulated depreciation $9,770) was sold for $11,770. 3. Depreciation expense was $5,770 on the building and $10,770 on equipment 4. Patent amortization was $2,500 5. Current assets other than cash increased by $29,000. Current liabilities increased by $14,770. 6. An addition to the building was completed at a cost of $28,770 7. A long-term investment (Equity) in stock was purchased for $16,000. 8. Bonds payable of $52,190 were issued. 9. Cash dividends of $30,000 were declared and paid. 10. Treasury stock was purchased at a cost of $11,000 Prepare a statement of cash flows for 2017. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) KI N NGBIRD CORPORATIO Statement of Cash Flows Adjustments to reconcile net income to
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