IFRS 23-7 Bridgeport Corporation has contracted with you to prepare a statement of cash flows. The controller has pro Buildings Equipment Patents Investments Inventory Accounts receivable Cash December 31 2017 2016 -O- $29,550 49,000 24,000 5,320 6,650 -0 3,400 10,900 8,800 12,650 9,800 32,930 13,800 $ 110,800 $96,000 $ 43,800 $33,800 21,150 6,800 3,400 5,300 2,400 5,300 Share capital-ordinary Retained earnings Allowance for doubtful accounts Accumulated depreciation on equipment Accumulated depreciation on buildings Accounts payable Dividends payable Long-term notes payable Notes payable, short-term (non-trade) 5,850 -O- 30,800 3,400 $110,800 3,400 5,400 24,800 4,400 $96,000 Additional data related to 2017 are as follows. CALG 1. Equipment that had cost $11,800 and was 40% depreciated at time of disposal was sold for $2,900. 2. $10,000 of the long-term notes payable was paid by issuing ordinary shares. 3. Cash dividends paid were $5,400. 4. On January 1, 2017, the building was completely destroyed by a flood. Insurance proceeds on the building were $31,800 5. Equity investments (non-trading) were sold at $2,100 above their cost. 6. Cash was paid for the acquisition of equipment. 7. A long-term note for $16,000 was issued for the acquisition of equipment. 8. Interest of $2,400 and income taxes of $7,800 were paid in cash. Prepare a statement of cash flows using the indirect method. (If an amount reduces the account balance then enter with BRIDGEPORT CORPORATION Statement of Cash Flows Adjustments to reconcile net income to ment CALCUL Supplemental disclosures of cash flow information: tudy. Click if you would like to Show Work for this question: Open Show Work