Given the following income statement and comparative balance sheets for Illinois Corp. (NOTE THAT 2016 IS LISTED FIRST): Comparative Balance Sheets December 31 2016 $ 1,100 $ 1,600 2,000 1,300 3,800 5,400 28,000 13,500 Inventory. . . . 44,800 14,500 $70.250 Equity Method Investment TOTAL . . . . Accounts Payable . 1,600 2,000 8,500 Long-term Notes Payable Bonds Payable (long te 5,000 400 32,000 9,100 300 38,700 13,050 Retained earnings TOTAI Income Statement for 2017 Sales revenue Cost of goods sold Depreciation expense - equipment Insurance expense $ 23,700 (14,000) 700) Interest expense Income tax expense other operating expenses (all cash Income fr equity investment Gain on sale of land Net income (600) (900) 500 1,200 Additional information for 2017: The only activities in retained earnings were for income and dividends (calculate the dividends using the standard retained earnings formula) . The trade N/P should be treated like accounts payable in all calculations. A building was purchased for $12,500 cash. Another building was purchased with a long-term note of $4,000 Land with a cost of $4,400 was sold for cash at a gain of $500 (you will need to calculate the amount of cash received) . Equipment was purchased for $2,000 cash A cash payment of $500 was made on the long-term notes payable The change in common stock was due to the issue of no-par stock for cash. 2 6 Part 1: On the answer sheet provided, prepare the Statement of Cash Flows tllinois Corp. (using the indirect method for the operating section. Any supplementary material should be placed at the bottom of the page, after the statement. Part 2: Calculate the amounts that would be shown in the operating section of the Statement of Cash Flow if partial worksheet that is displayed in the answer sheet. Illinois Corp. were using the direct method. Complete the