Exercise 5.4 Wildcat Enterprises, Inc. Comparative Balance Sheet as of December 31, 2017 and 2016 2017 2016 $ 1,860 1,120 1,850 2,130 1,420 1,380 2,050 1,000 (1,340) (200) S10460 $ 9410 Cash Accounts recelvable Merchandise inventory Long-term investments 2,050 1,980 1,510 1,070 2,680 900 (1,410) (180 Buildings Equipment pw Depr - Buildings Accumulated Depr- Equipment Total Assets Accounts payable $1,530 1,700 2,150 2,700 otes payable Capital stock Retained earnings Total Liabilities & Equity 2,900 2,700 -40 48n$ 9.410 Wildcat Enterprises, Inc. Income Statement for year ended Doc. 31 2017 Sales Cost of goods sold Gross margin Operating Expense Income from operations $5,850 3,660 2,190 920 1,270 ther revenues & gains Loss on sale of equipment Income before taxes Income tax expense Net income (10) V Gain on sale of land 60 1,320 540 Additional information: A building was acquired by signing a note payable in the amount of $150 SD VNo buildings were sold in 2017 Equipment with cost of $100 which had been depreciated 40% was sold for a loss of $10 v Depreciation expense is recorded in Operating Expenses Required: Prepare Wildcat Enterprise's 2017 statement of cash flows, using the indirect method. Prepare the cash flows from operating activities section using the direct method 2