Following are a statement of cash flows (indirect method) for Harris, Inc., for the year ended December 31, 2017, and the firm's balance sheet at December 31, 2016: HARRIS, INC Statement of Cash Flows For the year Ended December 31, 2017 Cash Flows from Operating Activities: Net income $ 15,400 Add (deduct) items not affecting cash: Depreciation expense 29,900 Increase in accounts receivable (8,100) Decrease in merchandise inventory 30,300 Increase in accounts payable 3,400 Net cash provided by operating activities $ 70,900 Cash Flows from Investing Activities Purchase of buildings (90,700) Proceeds from sale of land at its cost 9,200 Net cash used by investing activities $ (81,500) Cash Flows from Financing Activities: Payment of short-term debt (5,700) Payment of notes payable (10,300) Proceeds from issuance of long-term debt 16,500 Proceeds from issuance of common stock 8,400 Payment of cash dividends on common stock (5,800) Net cash provided by financing activities $ 3,100 Net decrease in cash for the year $ (7,500) HARRIS, INC. Balance Sheet At December 31, 2016 Assets Cash Accounts receivable Merchandise inventory Total current assets Land Buildings Less: Accumulated depreciation Total land and buildings Total assets Liabilities Accounts payable Short-term debt Notes payable Total current liabilities Long-term debt Stockholders' Equity Common stock, no par Retained earnings Total Stockholders' Equity Total liabilities and Stockholders' Equity $ 17,900 62,600 78,900 $159,400 36,800 119,500 (74,300) $ 82,000 $241,400 $ 59,100 18,100 33,200 $110,400 51,900 $ 22,400 56,700 $ 79,100 $241,400 Required: a. Using the preceding information, complete the balance sheet for Harris, Inc., at December 31, 2017 HARRIS, INC. Balance Sheet At December 31, 2017 Assets: Current assets: Cash Accounts receivable Merchandise inventory Total current assets Noncurrent assets: Land Buildings Less: Accumulated depreciation Total noncurrent assets Total assets 0 $ $ 0 $ Liabilities and Stockholders' Equity: Current liabilities: Accounts payable Short-term debt Notes payable Total current liabilities Long-term debt Stockholders' Equity: Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 0 $ 0 b. Complete the statement of changes in retained earnings for the year ended December 31, 2017. (Amounts to be deducted should be indicated by a minus sign.) HARRIS, INC. Statement of Changes in Retained Earnings For the Year Ended December 31, 2017 Retained earnings, January 1, 2017 Retained earnings balance December 31, 2017 $ 0