Problem 17-BA Wildhorse Utd., a private company reporting under ASPE, reported the following for the years ended May 31, 2017 and 2016. WILDHORSE LTD. Balance Sheet May 31 Assets 2017 2016 Cash $28,675 $47,250 Accounts receivable 89,350 79,250 Inventory 186,000 160,250 Prepaid expenses 6,100 7,600 Land 138,250 80,500 Equipment 321,000 201,000 Accumulated depreciation (79,200) (40,250) Total assets $690,175 $535,600 Liabilities and Shareholders' Equity Accounts payable $43,150 $40,250 Dividends payable 7,600 6,100 Income taxes payable 3,300 7,100 Mortgage payable 133,000 80,250 Common shares 219,500 166,250 Retained earnings 283,625 235,650 Total liabilities and shareholders' equity $690,175 $535,600 Additional Information: 1. Profit for 2017 was $111,225. 2. Common shares were issued for $53,250. 3. Land with a cost of $53,250 was sold at a loss of $20,100. 4. Purchased land with a cost of $111,000 with a $58,250 down payment and financed the remainder with a mortgage note payable. No equipment was sold during 2017, Net sales for the year were $675,200. 7. Cost of goods sold for the year was $401,400. 8. Operating expenses, including depreciation expense, were $99,300. Interest expense was $6,100. 10. Income tax expense was $37,075. 11. Accounts payable is used for merchandise purchases. Prepare a cash flow statement for the year using the direct method. (Show amounts that decrease cash flow with either a sign e.g. - 15,000 or in parenthesis e... (15,000).) WILDHORSE LTD Cash Flow Statement Direct Method Note X: Land with a cost of $ was purchased by paying $ cash and issuing a mortgage note payable for $ LINK TO TEXT Question Attempts: 0 of