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 Bonds payable Land 32,190 101,770 Buildings 121,770 Common stock 182,190 Retained earnings Equipment 92,190 46,190 $481,920 Accum. depr.-buildings (31,770) Total Accum. depr.-equipment (11,000) Patents 41,770 $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. (a) Your answer is correct. 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).) KINGBIRD CORPORATION Statement of Cash Flows For the Year Ended December 31, 2017 Cash Flows from Operating Activities Net Income 60100 Adjustments to reconcile net income to Net Cash Provided by Operating Activities 16540 Depreciation Expense Increase in Current Liabilities 14770 Loss on Sale of Equipment 230 Patent Amortization 2500 (29000) Increase in Current Assets (Other than Cash) 5040 5040 Net Cash Provided by Operating Activities 65140 Cash Flows from Investing Activities Sale of Equipment 11770 Addition to Building (28770) (16000) Investment in Stock (33000) Net Cash Used by Investing Activities Cash Flows from Financing Activities Issuance of Bonds 52190 (30000) Payment of Dividends (11000) Purchase of Treasury Stock Net Cash Provided hy Financina Activities 11190 Net Cash Provided by Financing Activities 11190 Net Increase in Cash 43330 82000 Cash at Beginning of Period 125330 Cash at End of Period Click if you would like to Show Work for this question: Open Show Work (b) /Your answer is partially correct. Try again. Prepare a balance sheet at December 31, 2017. (Show only totals for current assets and current liabilities.) (List Property, Plant and Equipme KINGBIRD CORPORATION Balance Sheet December 31, 2017 Assets 125330 X 199770 Intangible ASsets Land 32190 70420 Equipment Less 12000 58420 Accumulated Depreciation-Equipment Buildings 150540 Less 37540 113000 Accumulated Depreciation-Building Total Intangible Assets 203610 Intangible Assets 39270 Patents 567980 Total Assets Liabilities and Stockholders' Equity 166540 Current Liabilities Long-term Liabilities Bonds Payable 153960 Total Liabilities 320500 Stockholders' Equity Bonds Payable 153960 Total Liabilities 320500 Stockholders' Equity Common Stock 182190 Retained Earnings 76290 Total Paid-in Capital and Retained Earnings 258480 Less 11000 Treasury Stock 247480 Total Stockholders' Equity 567980 Total Liabilities and Stockholders' Equity click if vOu WOuld like to Show Work for this uestion. Onen Show Work KINGBIRD CORPORATION Balance Sheet December 31, 2017 Assets 125330 Current Assets Current Liabilities 199770 Intangible Assets Long-term Investments Liabilities Long-ter Property, Plant and Equipment Stockholders' Equity 32190 Total Assets Total Current Assets 70420 Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity 12000 58420 Total Long-term Investments Total Long-term Liabilities Total Paid-in Capital and Retained Earnings Total Property, Plant and Equipment Total Stockholders' Equity 150540 Less 37540 113000 Accumulated Depreciation-Building