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2 Prepare the statement of cash flows. and P21-13 Comprehensive The following Corpora io 21.3 the statement ofincome and retained earnings for to 21.4 0 21.5 e ahoin are Farrell Corporation's balance sheets as of December 31, 2 the year ended December 31, 2016: Balance Sheets 2015 Decreas 2016 225,000 180,000 45 oo 295,000 549,000 73,000 350,000 624,000 Assets dividend (10,000) 118,000 13,000 150,000 Cash 305,000 431,000 60,000 200,000 606,000 Accounts receivable, net Investment in Hall Inc. at equity Ona Plant and equipment less: A Patent (107,000) 20,000 (32,000) .On On (139,000) Total Assets 16,000 298,000 $1,993,000 $1,695,000 Accounts payable and accrued expenses Note payable, long-term Bonds $604,000 $ 563,000 41,000 150,000 160,000 41,000 410,000 196,000 432,000 210,000 30,000 400,000 175,000 334,000 (17,000) 150,000 (50,000) 11,000 10,000 21,000 98,000 taxes payable Additional paid-in capital Retained earnings Treasury stock, at cost P21-1 LO 21 Total Liabilities and Shareholders' Equity 17,000 $1,993,000 $1,695,000 $298,000 1 Statement of Income and Retained Earnings For the Year Ended December 31, 2016 Net sales Operating expenses $1 ,950,000 $1,150,0oo Cost of sales Selling and administrative expenses 505,00O Depreciation 53,000 51,708,000 $ 242,000 Operating income Other (income) expense: $ 15,0oo Interest expense Equity in net income of Hall Inc. Loss on sale of equipment Amortization of patent (13,000) 5,000 4,000 $ 11,000 $ 231,000 Income before income taxes Income taxes: $ 79,000 Current Deferred 11,000 Provision for income taxes Net income Retained earnings, January 1, 2016 $ 90,000 141,000 334,000 $ 475,000 43,000 432,000 Cash dividends, paid August 13, 2016 Retained earnings, December 31, 2016 Additional information: a. On January 2, 2016, Farrell sold equipment costing $45,000, with a book value of 2 7016 Farrell issued 1,000 shares of common stock for $23,000 cash reas il ury stock for $25,000 cash. ne and b Ulained earnings, December 31, 2016 Additional information: a. On January 2, 2016, Farrell sold equipment costing $45,000, with a book value of $24.000, for $19 000 cash. b. On April 2, 2016, Farrell issued 1,000 shares of common stock for $23,000 cash. c. On May 14, 2016, Farrell sold all of its treasury stock for $25,000 cash d. On June 1, 2016, Farrell paid $50,000 to retire bonds with a face value (and book value) of $50,000. e. On July 2, 2016, Farrell purchased equipment for $63,000 cash. f. On December 31, 2016, land with a fair market valuc of $150,000 was purchased through the issuance of a long-term note in the amount of $ 1 50,000. The note bears interest at the rate of 15% and is due on December 31, 2018. g. Deferred taxes payable represent temporary differences relating to the use of accelerated depreciation methods for income tax reporting and the straight-line method for financial statement reporting. Required 1. Prepare a spreadsheet to support a statement of cash flows for Farrell for the year ended December 31, 2016, based on the preceding information Prepare the statement of cash flows. 2. nmnu in P21-6