Prepare the statement one section at a time. (Use parentheses or a minus sign for numbers to be subtracted and for net cash outflows.) Griffin Industries, Inc. Statement of Cash Flows (Indirect Method) For the Year Ended December 31, 2017 Operating Activities: Adjustments to reconcile net income to cash basis: Net cash provided by (used for) operating activities Investing Activities: Net cash provided by (used for) investing activities Financing Activities: Net cash provided by (used for) financing activities Net increase (decrease) in cash Cash, beginning of the year Cash, end of the year Griffin Industries, Inc. Income Statement For the Year Ended December 31, 2017 Sales revenues $ 959,000 383,000 $ 576,000 Less: Cost of goods sold Gross profit Less operating expenses: Salaries and wages expense $ 194,000 14,500 Insurance expense Depreciation expense 56,700 88,000 353,200 $ 222,800 Other operating expenses Total operating expenses Operating income Plus other income and less other expenses: Interest expense Gain on sale of PP&E $ 5,400 2,500 Depreciation expense 56,700 88,000 353,200 Other operating expenses Total operating expenses Operating income Plus other income and less other expenses: $ 222,800 Interest expense 5,400 Gain on sale of PP&E 2,500 2,900 Total other income and expenses Income before income taxes $ 219,900 65,970 Less: Income tax expense $ 153,930 Net income Griffin Industries, Inc. Comparative Balance Sheets December 31, 2017 and 2016 Assets 2017 2016 Current assets: Cash $ Accounts receivable 475,000 $ 75,000 328,000 7,000 291,000 128,000 213,000 6,000 Inventory Prepaid insurance Total current assets $ 885,000 $ 638,000 Property, plant, and equipment Less: Accumulated depreciation 605,000 $ (155,000) 89,000 565,000 (107,000) 74,000 Investments $ 1,424,000 $ 1,170,000 Total assets Liabilities 58,000 $ 36,000 Current liabilities: Accounts payable (inventory purchases) Wages payable Interest payable Income taxes payable 16,500 1,900 56,970 6,000 17,800 900 13,500 3,600 Other accrued expenses payable Total current liablities $ 139,370 $ 71,800 60,000 23,000 Long-term liabilities Total liabilities 199,370 $ 94,800 Stockholders' equity Common stock $ Retained earnings 605,000 $ 619,630 1,224,630 $ 605,000 470,200 1,075,200 Total stockholders' equity $ $ 1,424,000 $ 1,170,000 Total liabilities and equity Additional information Additional information follows: a. Sold plant asset for $3,900. The original cost of this plant asset was $10,100 and it had $8,700 of accumulated depreciation associated with it. b. Paid $4,000 on the bonds payable; issued $41,000 of new bonds payable. c. Declared and paid cash dividends of $4,500. d. Purchased new investment for $15,000. Paid cash. e. Purchased new equipment for $50,100. Paid cash