P17-8C Condensed financial data of Pressure Company are shown below. Prepare a statement of cash flows-indirect method. PRESSURE COMPANY Comparative Balance Sheets December 31 Assets 2017 2016 Cash $123,700 33,400 Accounts receivable 60,800 37,000 126,900 102,650 107,000 Investments 79,500 Plant assets 315,000 205,000 Accumulated depreciation (40,000) Total $635,400 $445,050 Liabilities and Stockholders Equity 54,700 48,280 Accounts payab expenses payable Bonds payable 5,260 8,830 145.000 70.000 Common stock 250,000 200.000 Retained earnings 170.440 107,940 Tota $635.400 $445,050 4 17 Statement of Cash Flows PRESSURE COMPANY ncome Statement For the Year Ended December 31, 2017 $297,500 Sales revenue Gain on sale of plant assets 4,000 301,500 Cost of goods sold $99,000 operating expenses, excluding depreciation expense 19,670 30,500 Depreciation expense Income 37,830 Interest expense 3,000 190,000 Net income $111,500 Additional information: 1. New plant assets costing $122,000 were purchased for cash during the year. 2. Investments were sold at cost. 3. Plant assets costing $12,000 were sold for $16,000, resulting in a gain of $4,000. 4. A cash dividend of $49,000 was declared and paid during the year. Cash from operations Instructions $92,800 Prepare a statement of cash flows using the indirect method