Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Be sure to complete the heading of the statement. In the operating activities section, use the minus sign to indicate cash outflows, decreases in cash and a net cash out flow, if required. In the investing and financing activities section, use a minus sign only to indicate a NET cash outflow for the section.

The comparative balance sheet of Pelican Joe Industries Inc. for December 31, 2016 and 2015, is as follows: Dec. 31, Dec. 31, 2016 1 2015 Assets 2 3 Cash $490.00 $160.00 4 Accounts receivable (net) 280.00 200.00 5 Inventories 175.00 110.00 6 Land 400.00 450.00 7 Equipment 225.00 175.00 8 Accumulated depreciation-equipment (60.00) (30.00) $1,510.00 $1,065.00 $175.00 $160.00 9 Total assets Liabilities and Stockholders' Equity 10 11 Accounts payable (merchandise creditors) 12 Dividends payable 13 Common stock, $10 par 14 Paid-in capital: Excess of issue price over par common stock 15 Retained earnings 16 Total liabilities and stockholders' equity 30.00 100.00 50.00 250.00 125.00 955.00 730.00 $1,510.00 $1,065.00 The following additional information is taken from the records: 1. Land was sold for $125. 2. Equipment was acquired for cash. 3. There were no disposals of equipment during the year. 4. The common stock was issued for cash. 5. There was a $325 credit to Retained Earnings for net income. 6. There was an $100 debit to Retained Earnings for cash dividends declared. Required: A. Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Be sure to complete the heading of the statement. In the operating activities section, use the minus sign to indicate cash outflows, decreases in cash and a net cash out flow, if required. In the investing and financing activities section, use a minus sign only to indicate a NET cash outflow for the section. Labels and Amount Descriptions Amortization of intangible assets Cash paid for dividends Cash paid for purchase of equipment Cash received from sale of common stock Cash received from sale of land December 31, 2016 Decrease in accounts payable Decrease in accounts receivable Decrease in cash Decrease in inventories Depreciation For the Year Ended December 31, 2016 Gain on sale of land Increase in accounts payable Increase in accounts receivable A. Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Be sure to complete the heading of the statement. In the operating activities section, use the minus sign to indicate cash outflows, decreases in cash and a net cash out flow, if required. In the investing and financing activities section, use a minus sign only to indicate a NET cash outflow for the section. Increase in cash Increase in inventories Loss on sale of land Net cash flow from operating activities Net cash flow used for operating activities Net cash flow from investing activities Net cash flow used for investing activities Net cash flow from financing activities Net cash flow used for financing activities Net income Net loss Pelican Joe Industries Inc. Statement of Cash Flows 1 Cash flows from operating activities: 2 3 Adjustments to reconcile net income to net cash flow from operating activities: 4 5 6 Changes in current operating assets and liabilities: 7 8 9 10 11 Cash flows from investing activities: 12 13 14 15 Cash flows from financing activities: 16 17 18 19 20 Cash at the beginning of the year 21 Cash at the end of the year