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E17-4 Gutierrez Company reported net income of $225,000 for 2017. Gutierrez also Prepare the operating reported depreciation expense of $45,000 and a loss of $5,000 on the disposal of equip activities section-indirect ment. The comparative balance sheet shows a decrease in accounts receivable of $15,000 method. for the year, a $17,000 increase in accounts payable, and a $4,000 decrease in prepaid (LO2) expenses. Instructions Prepare the operating activities section of the statement of cash flows for 2017. Use the indirect method E17-5 The current sections of Scoggin Inc.'s balance sheets at December 31, 2016 and 2017, Prepare the operating are presented here. Scoggin's net income for 2017 was $153,000. Depreciation expense was activities section-indirect $24,000 method. (LO2) 17 Statement of Cash Flows 2017 2016 Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accrued expenses payable Accounts payable Total current liabilities $105,000 110,000 158,000 27,000 $400,000 $ 99,000 89,000 172,000 22,000 $382,000 $ 15,000 85,000 $100,000 $ 5,000 92,000 $ 97,000 Instructions Prepare the net cash provided by operating activities section of the company's statement of cash flows for the year ended December 31, 2017, using the indirect method