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GRANGER INC. Comparative Balance Sheets December 31 Assets 2016 Cash Accounts receivable Inventory Prepaid expenses Long-term investments Plant assets Accumulated depreciation Total Liabilities and Stockholders'
GRANGER INC. Comparative Balance Sheets December 31 Assets 2016 Cash Accounts receivable Inventory Prepaid expenses Long-term investments Plant assets Accumulated depreciation Total Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable 2017 $ 80,800 87,800 112,500 28,400 138,000 285,000 (50,000) $682,500 $ 48,400 38,000 102,850 26,000 109,000 242,500 (52,000) $514,750 $102,000 16,500 110,000 az $ 67,300 21,000 146,000 ense 4.730 4,730 Less: Cost of goods sold $135,460 Operating expenses, excluding depreciation 12,410 Depreciation expense 46,500 Income tax expense 27,280 Interest expense Loss on disposal of plant assets 7,500 233,880 Net income $154,580 Additional information: 1. New plant assets costing $100,000 were purchased for cash during the year. 2. Old plant assets having an original cost of $57,500 and accumulated depreciation of $48,500 were sold for $1,500 cash. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of $26,030 was declared and paid during the year. Instructions Prepare a statement of cash flows using the indirect method
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