Partially Completed Spreadsheet The following partially completed spreadsheet has been prepared for Perrin Company's 2016 statement of cash flows: Balances Change Worksheet Entries Account Titles 12/31/15 12/31/16 Increase (Decrease) Debit Credit Debits Cash 800 1,540 Noncash Accounts: Accounts Receivable 1,500 2,180 Inventory 3,100 6,055 Investments in Stock 2,800 Land 6,000 9,200 Buildings 20,000 20,000 Office Equipment 4,000 6,100 Delivery Equipment 3,000 5,900 Treasury Stock 2,000 Totals 38,400 55,775 ? Credits Accumulated Depreciation 7,000 8,500 Accounts Payable 3,300 3,695 Wages Payable 600 500 Bonds Payable 5,000 Premium on Bonds Payable 240 Common Stock, $10 par 6,000 8,200 Additional Paid-in Capital 9,000 13,640 Retained Earnings ? ? 3,500 Totals 38,400 55,775 ? Additional relevant information: Beginning retained earnings $12,500 Plus: Net income 8,000 $20,500 Less: Stock dividends $ 840 Cash dividends 3,660 (4,500) Ending retained earnings $16,000 Accumulated depreciation is a contra account for all the depreciable assets. Depreciation on these assets totaled $2,200 for the year. On January 1, 2016, the company issued 10% bonds with a face value of $5,000 at 106. Interest was paid semiannually on June 30 and December 31. The bonds mature on January 1, 2021. Straight-line amortization is used for bond discount or premium. Bond interest expense was $440. Land was purchased for $3,200 during the year. Two hundred shares of common stock were issued for delivery equipment valued at $2,900 and office equipment valued at $3,100. Twenty shares of stock were issued as a stock dividend. The market price per share was $42. Office equipment with a cost of $1,000 and a book value of $300 was sold for $50. Fifty shares of its own common stock were reacquired by the company as treasury stock. The company purchased the shares for $40 per share. One hundred shares of Doe Company stock were purchased for $28 per share at year-end. Required: Complete the spreadsheet. Use the minus sign to indicate cash outflows, a decrease in cash or cash payments. PERRIN COMPANY Cash Flows Worksheet For Year Ended December 31, 2016 Balances Worksheet Entries Account Titles 12/31/2015 12/31/2016 Change Debit Credit Debits Cash 800 1,540 740 Noncash Accounts: Accounts Receivable 1,500 2,180 680 Inventory 3,100 6,055 2,955 Investments in Stock 2,800 2,800 Land 6,000 9,200 3,200 Buildings 20,000 20,000 Office Equipment 4,000 6,100 2,100 Delivery Equipment 3,000 5,900 2,900 Treasury Stock 2,000 2,000 Totals 38,400 55,775 17,375 Credits Accumulated Depreciation 7,000 8,500 1,500 Accounts Payable 3,300 3,695 395 Wages Payable 600 500 100 Bonds Payable 5,000 5,000 Premium on Bonds Payable 240 240 Common stock, $10 par 6,000 8,200 2,200 Additional Paid-in Capital 9,000 13,640 4,640 Retained Earnings 12,500 16,000 3,500 Totals 38,400 55,775 17,375 Worksheet Entries Debit Credit Cash Flows from Operating Activities: Net income 8,000 Add: Depreciation expense Less: Loss from sale of equipment 250 Cash Flows from Investing Activities: Cash Flows from Financing Activities: Investing and Financing Activities Not Affecting Cash: Acquisition of equipment by issuance of preferred stock Acquisition of equipment by issuance of common stock Net decrease in cash Totals