Help System Announcements Problem 5-7 Pronghorn Inc. had the following balance sheet at December 31, 2016. Cash Accounts receivable Investments Plant assets (net) Land PRONGHORN INC. BALANCE SHEET DECEMBER 31, 2016 $ 23,400 Accounts payable 24,600 Bonds payable 32,000 Common stock 84,400 Retained earnings 43,400 $207,800 $ 33,400 44,400 103,400 26,600 $207,800 During 2017, the following occurred. 1. Pronghorn liquidated its available-for-sale investment portfolio at a loss of $8,400. 2. A tract of land was purchased for $41,400. 3. An additional $30,000 in common stock was issued at par. 4. Dividends totaling $13,400 were declared and paid to stockholders. 5. Net income for 2017 was $38,400, including $15,400 in depreciation expense. 6. Land was purchased through the issuance of $33,400 in additional bonds. 7. At December 31, 2017, Cash was $73,600, Accounts Receivable was $45,400, and Accounts Payable was $43,400. Prepare a statement of cash flows for the year 2017 for Pronghorn. (Show amounts that decrease cash fle PRONGHORN INC. Statement of Cash Flows For the Year Ended December 31, 2017 Cash Flows from Operating Activities Net Income 38400 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation Expense 15400 Increase in Accounts Feivable E Increase in Accounts Payable DO Net Cash Provided by Operating Activities Cash Flows from Investing Activities Sale of Investments II Purchase of Land Net Cash Used by Investing Activities RCES Cash Flows from Investing Activities Sale of Investments X Purchase of Land tudy. X Net Cash Used by Investing Activities Cash Flows from Financing Activities X S Net Cash Provided by Financing Activities x Net Increase in Cash Cash at Beginning of Year Cash at End of Year Noncash Investing and Financing Activities Land purchased through issuance of $ of bonds RCES Prepare the unclassified balance sheet as it would appear at December 31, 2017. (List Assets in a PRONGHORN INC. Balance Sheet December 31, 2017 tudy. Assets X X X Liabilities and Stockholders' Equity ODIO DIIII LINK TO TEXT IN TOT x Your answer is incorrect. Try again. Compute Pronghorn's free cash flow and current cash debt coverage for 2017. (Round current cash de with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Free cash flow Current cash debt coverage :1 Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT LINK TO TEXT LINK TO TEXT