Grant Wood Corporations balance sheet at the end of 2016 included the following items Current assets (Cash $82,000) $235,000 Current liabilities $150,000 Land 30,000 Bonds payable 100,000 Buildings 120,000 Common stock 180,000 Equipment 90,000 Retained earnings 44,000 Accum depr buildings (30,000 ) Total $474,000 Accum depr equipment (11,000 ) Patents 40,000 Total $474,000 The following information is available for 2017 1 Net income was $55,000 2 Equipment (cost $20,000 and accumulated depreciation $8,000) was sold for $10,000 3 Depreciation expense was $4,000 on the building and $9,000 on equipment 4 Patent amortization was $2,500 5 Current assets other than cash increased by $29,000 Current liabilities increased by $13,000 6 An addition to the building was completed at a cost of $27,000 7 A long term investment (Equity) in stock was purchased for $16,000 8 Bonds payable of $50,000 were issued 9 Cash dividends of $30,000 were declared and paid 10 Treasury stock was purchased at a cost of $11,000 Prepare a statement of cash flows for 2017 (Show amounts that decrease cash flow with either a sign e g 15,000 or in parenthesis e g (15,000) ) Prepare a balance sheet at December 31, 2017 (Show only totals for current assets and current liabilities ) (List Property, Plant and Equipment in order of Land, Building and Equipment )

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Grant Wood Corporations balance sheet at the end of 2016 included the following items. Current assets (Cash $82,000) $235,000 Current liabilities $150,000 Land 30,000 Bonds

Grant Wood Corporations balance sheet at the end of 2016 included the following items.

Current assets (Cash $82,000)	$235,000		Current liabilities	$150,000
Land	30,000		Bonds payable	100,000
Buildings	120,000		Common stock	180,000
Equipment	90,000		Retained earnings	44,000
Accum. depr.-buildings	(30,000	)	Total	$474,000
Accum. depr.-equipment	(11,000	)
Patents	40,000
Total	$474,000

The following information is available for 2017.

1.		Net income was $55,000.
2.		Equipment (cost $20,000 and accumulated depreciation $8,000) was sold for $10,000.
3.		Depreciation expense was $4,000 on the building and $9,000 on equipment.
4.		Patent amortization was $2,500.
5.		Current assets other than cash increased by $29,000. Current liabilities increased by $13,000.
6.		An addition to the building was completed at a cost of $27,000.
7.		A long-term investment (Equity) in stock was purchased for $16,000.
8.		Bonds payable of $50,000 were issued.
9.		Cash dividends of $30,000 were declared and paid.
10.		Treasury stock was purchased at a cost of $11,000.

Prepare a statement of cash flows for 2017. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

Prepare a balance sheet at December 31, 2017. (Show only totals for current assets and current liabilities.) (List Property, Plant and Equipment in order of Land, Building and Equipment.)