Exercise 5-17 (Part Level Submission) Pharoah Corporation's balance sheet at the end of 2016 included the following items. Current assets (Cash $82,000) $236,440 Land 32,620 Buildings 121,440 Equipment 92,620 Accum. depr.-buildings (31,440 ) Accum. depr.-equipment (11,000) Patents 41,440 Total $482,120 Current liabilities Bonds payable Common stock Retained earnings Total $151,440 101,440 182,620 46,620 $482,120 The following information is available for 2017. 1. Net income was $53,950. 2. Equipment (cost $21,440 and accumulated depreciation $9,440) was sold for $11,440. 3. Depreciation expense was $5,440 on the building and $10,440 on equipment. 4. Patent amortization was $2,500. 5. Current assets other than cash increased by $29,000. Current liabilities increased by $14,440. 6. An addition to the building was completed at a cost of $28,440. 7. A long-term investment (Equity) in stock was purchased for $16,000. 8. Bonds payable of $52,620 were issued. 9. Cash dividends of $30,000 were declared and paid. 10. Treasury stock was purchased at a cost of $11,000. (a) Prepare a statement of cash flows for 2017. (Show amounts that decrease cash flow wit PHAROAH CORPORATION Statement of Cash Flows Adjustments to reconcile net income to