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Information from the Balance Sheet and Statement of Income are given below for Bridgeport Inc., a private company reporting under ASPE, for the year ended December 31. Comparative Balance Sheet 2017 2016 Cash $ 76,940 $ 47,450 Accounts receivable 90,960 37,450 Inventory 123,560 103,850 Investments in land 86,660 108,450 Property, plant, and equipment 286,760 202,300 Accumulated depreciation (50,210) (40,300) $614,670 $459,200 nts payable $54,260 $49,970 Accrued expenses payable 13,260 19,270 Bonds payable 140,000 76,500 Common shares 250,000 208,000 Retained earnings 157,150 105,460 $614,670 $459,200 Revenues Sales $293,000 Gain on disposal of equipment 8,400 301,400 Expenses Cost of goods sold $ 96,300 Depreciation expense 57,400 Operating expenses 15,570 Income tax expense 38,100 Interest expense 2,970 210,340 Profit $ 91,060 Additional Information: 1. Investments in land were sold at cost during 2017. 2. Equipment costing $56,760 was sold for $17,670, resulting in a gain. 3. Common shares were issued in exchange for some equipment during the year. No other shares were issued. 4. The remaining purchases of equipment were paid for in cash.Prepare a Cash Flow Statement for the year ended December 31, 2017 using the direct method. (Show amounts that decrease cash flow with either a - sign e.g. -45,000 or in parenthesis e.g. (45,000).) BRIDGEPORT INC Cash Flow Statement - Direct Method 1Note X: Significant noncash investing and financing activities: Equipment with a cost of $ was exchanged for common shares