P16-1A The 2017 comparative balance sheet and income statement of Genie Marketing Inc., follows. During the year, there were no sales of land. One piece of equipment was sold for $20,000 with a cost of $40,000 and an accumulate depreciation of $19,700. Note payable long-term was issued for $5,000 and a payment of $15,600 was made on old note. Prepare the 2011 statement of cash flows, formatting operating activities by the indirect method. Genie Marketing, Inc. Comparative Balance Sheet December 31, 2017 and 2016 2017 2016 Increase (Decrease) Current Asset: Cash and cash equivalents Accounts receivable, net s (6,900) 3.400 4.400 (800) $8,700 S15,600 46,50043,100 94,300 89.900 2.300 3.100 Prepaid expenses Plant assets: 25,100 Land 35,100 10,000 00900 93.700 Equipment, net Total assets: Current Liabilities: Accounts payable Interest payable Salary payable Note payable, current portion Income tax payable Long-term liabilities: Notes payable Stockholders' equity Common stock, $1 Par Retained earnings Total liabilities and stockholder's equity 287 800$255.400 S32,400 $16.400 $17.900 6.700 1.400 18,600 $ (1.500) (400) 700 6.300 2.100 18,000 6.300 3,800 (600) 2.500 55,000 65,000 (10,000) 8.800 2.900 31.10022,300 52,60019,700 255.4 Income Statement for 2017 Revenues: Sale revenue $438,000 700 449.700 Expenses: Cost of goods sold. Salary expense.... Depreciation expense Other operating expense Interest expense. loss on sale of equipment Income tax expense $205,200 76.400 15.300 49.700 24.300 300 ... 388,100 $61.600 Total expense.... Net income