Pearl Industries Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventoryy Prepaid expenses Long-term investments Plant assets Accumulated depreciation Total 2017 2016 $90,508 71,060 192,330 48,620 203,830 453,475 $151,096 164,186 210,375 53,108 258,060 532,950 (93,500) (97,240) $1,276,275 $962,583 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings Total 190,740 125,851 39,270 273,020 411,400327,250 197,192 $962,583 30,855 205,700 437,580 $1,276,275 Pearl Industries Income Statement Dat.a I or the Year Inded December 31, 201/ Sales revenue Less: $726,420 Cost of goods sold $253,310 Operating expenses, excluding depreciation 23,207 86,955 51,014 8,845 14,025 437,356 Depreciation expense Income tax expense Interest expense Loss on disposal of plant assets Net income 289,064 Additional information: 1. New plant assets costing $187,000 were purchased for cash during the year. 2. Old plant assets having an original cost of $107,525 and accumulated depreciation of $90,695 were sold for $2,805 cash. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of $48,676 was declared and paid during the year Further analysis reveals that accounts payable pertain to merchandise creditors. Prepare a statement of cash flows for Pearl Industries using the direct method. (Show amounts in the investing and financ parenthesis e.g. (15,000).) Pearl Industries Statement of Cash Flows For the Year Ended December 31, 2017v Cash Flows from Operating Activities 41795 86955 93126 64889 8415 Net Cash Provided by Operating Activities 330859