Problem 12-7A (Part Level Submission) Presented below are the financial statements of Blossom Company. Blossom Company Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Property, plant, and equipment Accumulated depreciation Total 2017 2016 $43,800 30,660 $ 76,650 43,800 61,320 131,400 43,800 170,820 (70,080) (52,560) $243,090 $236,520 Liabilities and Stockholders' Equit Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $41,610 15,330 37,230 39,420 109,500 $243,090 $ 32,850 17,520 72,270 30,660 83,220 $236,520 Blossom Company Income Statement For the Year Ended December 31, 2017 $529,980 383,250 146,730 Sales revenue Cost of goods sold Gross profit Selling expenses Administrative expenses Income from operations Interest expense Income before income taxes Income tax expense Net income $39,420 13,140 52,560 94,170 6,570 87,600 17,520 $ 70,080 Additional data: 1. Depreciation expense was $38,325 2. Dividends declared and paid were $43,800 3. During the year equipment was sold for $18,615 cash. This equipment cost $39,420 originally and had accumulated depreciation of $20,805 at the time of sale Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g.-15,000 or in parenthesis e.g (15,000).) Blossom Company Statement of Cash Flows Adjustments to reconcile net income to Click if you would like to Show Work for this question: Open Show Work