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Novak Corp Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Prepaid expenses Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Total 2017 2016 $
Novak Corp Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Prepaid expenses Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Total 2017 2016 $ 100,028 66,195 85,318 208,882 30,891 73,550 222,783 22,477 213,295191,230 294,200 294,200 (88,260) (58,840) 330,975 (66,195) (51,485) 228,005 $1,102,853 $994,396 Liabilities and Stockholders' Equit Accounts payable Bonds payable Common stock, $1 par Retained earnings Total 65,798 52,956 441,300 294,200 235,360 264,780 $1,102,853 $994,396 441,300 301,555 Additional information 1. Operating expenses include depreciation expense of $61,782 2. Land was sold for cash at book value 3. Cash dividends of $17,652 were paid 4. Net income for 2017 was $54,427 5. Equipment was purchased for $135,332 cash. In addition, equipment costing $32,362 with a book value of $14,710 was sold for $11,768 cash. 6. 58,840 shares of $1 par value common stock were issued in exchange for land with a fair value of $58,840 Prepare a statement of cash flows for the year ended December 31, 2017, using the indirect method. (Show amounts that decrease cash flow with either a -sign e.g. -15,000 or in parenthesis e.g. (15,000).)
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