LEHMAN COLLEGE Comparative Balance Sheet December 31, 2017 Assets Cash Accounts Receivable Inventory Prepaid expenses Investments Equipment Accumulated depreciation--equipment Total 2017 $ 80.800 92,800 117,500 28,400 143,000 270,000 (50,000) $ 682,500 2016 $ 48,400 33,000 102,850 26,000 114,000 242,500 (52,000) $ 514,750 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings Total $ 112,000 16,500 110,000 220,000 224,000 $ 682,500 $ 67,300 17,000 150,000 175,000 105,450 $ 514,750 56,240 The following information pertain to Lehman College net income: : Sales revenue $ 454,707 Sales discount $ Sales return and allowance $ 5,687 Beginning inventory $ 251,890 Purchases $ 511,692 Ending inventory $ 628,122 Operating expenses, including depreciation of $46,500 $ 58,910 Income tax expense $ 27,280 Interest expense $ 4,730 Loss on disposal of plant assets $ 7,500 Additional data: 1. New equipment costing $85,000 was purchased for cash during the year 2. Old equipment having an original cost of $57,000 was sold for $1,500 cash 3. Bonds matured and were paid off at face value for cash 4. A cash dividend of $40,350 was declared and paid during the year A $ Instructions Prepare a statement of cash flows in microsoft excel using the indirect method. Excel file must be uploaded into blackboard for grading. File must be saved as CF-firstname.lastname.xlsx